February 21, 2014

Leading Insurance Company in India Supercharges Insurance Sales Using QlikView

A leading private life insurance firm in India implemented QlikView to analyse their sales performance and Key Performance Indicators (KPIs) across different sales channels.

Insurance is a complex business with extremely high levels of competition. To lead and survive, just having a strong brand name is not enough. Insurance companies need to be aggressive and smart and need to have the ability to identify trends, provide personalized services and offer the right set of products at right price to the right customer.

Being a sales-driven business, the management at the company relies heavily on their MIS team to provide them up-to-date information about how the business is doing. How the different sales channels are performing, how the sales have trended over the past months, which are our champion sales people, what is the profile of customers, which are the best selling products, in which regions are we doing best and in which regions we don’t have much presence. All these are important questions that the management needs answers to on a daily basis. Till now their MIS team had been maintaining and preparing all these reports in excel sheets which were distributed to the key persons via emails. The system was not efficient and sometimes the managers had to wait for long before they could get the report they wanted. This had a direct impact on their ability to take quick decisions. Moreover, these reports were prone to errors, which could prove expensive.

The management at the company realized the need to automate their MIS reporting and analytics systems using business intelligence software. After evaluating a number of vendors, they selected QlikView Business Discovery platform to fulfil their needs. GainInsights was chosen as the implementation partner due to our expertise in QlikView implementations, especially in the financial service industry.

During a period of 4 months, the team from GainInsights worked closely with their MIS and IT teams to develop a comprehensive dashboard and reporting solution using QlikView. The company used Oracle to create a data mart where all the data for policies sold is updated frequently. QlikView was seamlessly integrated with the data mart to provide timely, up-to-date dynamic reports to the managers without the need to depend on excel sheets or any other process.

The dashboards and reports allow people at various levels in the organization to track sales, performance and review the key performance indicators for their business. The dashboards are dynamic and allow the managers to slice and dice data in any way they want. They can also drill down to view the reports at various levels in hierarchy.

As of now the company uses QlikView for tracking their sales performance. In the future, it also plans to use it for other business functions, including claims and operations.

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