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IDS were asked to assist a medium-sized MGA, wanting to gain better insight into their scheme business, with what-if scenarios and trend analysis.
The MGA's data was not easily accessible from the vendor system, so IDS suggested using Risk Bordereaux which was available from the last three years, Claims Bordereaux and Broker Reports so that the broker for each policy could be identified.
Postcode data was also added to plot geographic exposure and keyword search in claims descriptions was pulled out to identify catastrophe i.e. Covid-19, Storms, Terrorism etc.. further enriching claims clause analysis.
Within two weeks, IDS had cleansed and consolidated the data sources and built a series of Power BI dashboards. Considering what is driving and detracting from underwriting performance and what trends are emerging.
Rich filters and drill-through capabilities allow the MGA to analyse metrics such as premium and claims and the effects on loss ratio if variables change.
Compares the performance of Brokers using metrics such as conversion rates, loss ratio and claim frequency, to identify which Brokers are profitable and which are not.
The ability to drill down into a Brokers book gives an insight into the claims made, large losses, trade types of policies to help with underwriting decisions. Using filters to exclude certain loss-making Brokers shows what the MGA’s book of business could have looked like, in a what-if scenario.
Shows how each Trade is performing and which Brokers are writing which Trades to ensure these are in line with the MGA’s expectation and appetite.
For loss-making trades, the ability to see if this is due to a large loss, a particular Broker or the Trade overall to help with business decisions.
Summary of the volume of claims, incurred amounts and average incurred by cause codes with the ability to see which trades the claims are associated with.
Being able to filter on a particular Broker gives insight into the spread of claim types they have to see which areas have the most claims and highest incurred.
Ability to see quote conversion and retention rates by Broker. This allows the MGA to see which Brokers are sending high volumes of quotes but not converting them and have the necessary discussions to find out why.
Shows the geographical spread of the book, by plotting the risk location for each policy and enhanced with Flood, Fire, Theft and Subsidence scores. This can be used to see which location each broker and/or trade are being written in high, medium and low areas.
The MGA was very impressed with the breadth of data analysis provided, affordability and speed in which it was delivered. Going forward the dashboards will be updated with bordereaux that are received each month.
Armed with IDS Analytics, the MGA team can now easily access calculations, reporting and analytics from the cloud. The depth of analysis on broker and trade performance will support the MGA in building a robust underwriting plan that can leverage competitive advantage and stand the test of these challenging times.
As with all insurance entities, quallity data is a powerful tool when negotiating with capacity providers and when focusing on valued broker partnerships that bring mutual benefit. They can even provide secure access to their capacity providers and/or brokers showing only the data and reports relevant to them. This level of transparency and professionalism will be key in securing and growing capacity and in building trust and respect as a partner.