Agile Business Intelligence

Drive Operational Excellence in Claims Management and Achieve Solvency II Compliance with Logix.

Logix Solvency II Brochure

Claims Management

Claims handling is one of the most complex and expensive issues for Insurance companies. It involves processes such as opening and closing claims, managing payouts, working alongside service providers and remaining alert for any fraudulent activities.

Investing in solutions that help to better manage the Claims process is one of the best strategies companies can take to drive growth and improve performance. Insurers should therefore look to leveraging existing data to provide actionable insights about expenses and putting in place the right support infrastructure to act on these insights.

"Insurers that can reduce their claims costs by just one percentage point will likely achieve substantial savings." Deloitte

Solvency II

Solvency II is the largest ever change to EU insurance solvency regulations. Insurers with EU operations will need to be Solvency II compliant by 2014. However, Standard & Poor have predicated this date moving to 2016.

Key challenges around data management and reporting for insurers for Solvency II include;  aggregation of data from multiple data sources,  generating multiple complex Excel reports and complying with stricter data quality requirements.

“…nearly 69% of insurers say they have only met some or have not yet met any of the Solvency II data management requirements. 81% are struggling in particular with data integration standards and their applications across group and external partners…” Ernst & Young European Solvency II Survey – Oct 2012 

How Logix Works

Unlike traditional BI platforms, Logix can be installed and configured in a matter of days and delivering measurable value from Day 1. With our simple yet powerful applications colleagues can collaborate and discover new data insights to help make better decisions daily.

In-Memory Technology
The solution uses in-memory technology to enable the fast retrieval and combination of data from multiple data sources. All Logix reports and analytics are built and published in a central environment to ensure the data is properly managed and validated. Time spent exporting and manipulating unmanaged spreadsheets is eliminated and people will feel more productive and get can on with the real task at hand!

Our innovative approach to creating dashboards means you have control to design and publish your own charts  in an instant. To see the data behind the chart simply click it. People can post comments and start online conversations on a particular chart or grid reducing the time spent emailing around spreadsheets and documents to get to the answers.

Logix Agile is always connected there is no more time wasted involving expensive IT resources for reporting. Logix Visualization gives you the tools to slice, dice, pivot, chart, filter or whatever you want to find the answers you need.

Benefits of Logix Agile

• Achieve Solvency II Pillar 3 compliance cost-effectively and on time

• Save time generating 65 Quantitative Reporting Templates (QRTs), Report to Supervisor (RTS) and Solvency and Financial Consolidation (SFCR) reports

• Full visibility at all times of Solvency Capital Requirements (SCR) and Minimal Capital Requirements (MCR)

• Improvements in data quality management for Solvency II reporting

• Leverage data driven decision making for greater financial performance and risk management

• Easily adapts to changing business needs and reporting requirements

What our Customers Say

As the leading loss adjusting organisation in Ireland, Thornton & Partners has grown rapidly over the past twenty years with multiple branches now established across the country. In addition to the field adjusting service, Thornton & Partners also provide a unique desk expert claims solution, which handles claims and incorporates a counterfraud service and a field adjuster referral mechanism.

"With Logix I can now pull and analyse data from multiple sources using one simple, smart solution. I was immediately impressed with how easy it was to use and the custom analytics which the solution delivers.”

– Carolyn Higgins, Group MI Manager, Thornton & Partners