Maximize Your Insurance Company’s Revenue with Embedded Analytics

Maximize Your Insurance Company’s Revenue with Embedded Analytics

Introduction

Insurance companies allow their clients to make plans for their future with more confidence. They offer different strategies to protect individuals and businesses against risk of financial loss. embedding an insurance analysis dashboard in your daily work application can help an insurance company understand its agents’ performance and its strengths and weaknesses.

In this blog, I will explain how an insurance company can benefit from embedded analytics:

What is embedded analytics?

Embedded analytics is integrating analytical solutions and data visualization capabilities into a software application’s user interface to improve data comprehension and usability. Bold BI helps you easily embed an analytics solution into your everyday work applications using a JavaScript SDK and server application. It enables insurers to understand customer behavior and correctly predict customers’ expectations.

Benefits of embedded analytics for an insurance company

Embedded analytics enables insurance companies to monitor their sales performance in a dashboard and compare results for multiple years and agents to industry data overall. Branches of the company can compare results with nearby locations and locations with similar demographics. These branches can make sure they’re staying on track, identify issues, see where their policies may be costing them unnecessarily, and more easily spot ways to improve profits and customer satisfaction. Embedded Analytics can influence a company’s performance in the following ways:

Effective risk mitigation

Effective risk mitigation
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Insurance companies cater to many kinds of businesses, covering potential damages and loss of business assets. There is a great need for policy makers to monitor their data to determine whether they have been fairly distributing resources to their customers and giving enough incentive for them to control damages. Managers can embed an insurance analysis dashboard track policy outcomes, rates of loss compensation per policy type, customer loss, and damages to their customers’ business assets geographically. This helps them to identify points in their policies that cost them the most in compensation and that may need adjusting, without losing customers. It also identifies geographical locations where certain kinds of claims are made often enough that rates may need to be raised in that area, especially important with increasing climate change. This helps companies manage their risk properly while serving customers based on the policyholders’ requirement.

Better financial and revenue management

Better financial and revenue management
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Tracking finances is a careful business for insurance companies. Displaying financial metrics in a dashboard, the company will find it easier to identify where more money is coming in in the form of selling policies, and where more is going out in the form of claims compensation. Financial managers can observe the performance of policies by location and changes in average profits and expenses. Marketers can keep an eye on competitor locations and rates to spot untapped markets for targeting more easily.

Make customers feel more secure

Make customers feel more secure
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Security is what insurance companies are selling to their customers. They provide protection against possible loss for individuals and companies, therefore providing peace of mind. For this to be successful, insurance companies need to know how well their policies match their customers’ needs. By monitoring claim types, claims approved and rejected, rejection types, and mapping all of these metrics geographically, agents are able to determine what sort of additional policies their customers may desire in order to feel more secure.

Minimizes time and resources waste

Minimizes time and resources waste
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The processes involved in insurance claims and payments are becoming ever more complex at the same time that political pressure is pushing for the opposite. A good chunk of the money collected from premiums ends up wasted on correcting errors, which increase with the process complexity, and the time it takes to slog through inefficient processes. It’s in the insurance industry’s best interests to try identifying the worst offenders and bottlenecks to see if there could be solutions. Tracking detailed company expenses over time; the quantity of overpayments and costs of correcting those errors; the source of third-party errors and the costs of correction; and other similar metrics can help pinpoint where company money is being wasted.

Bold BI’s insurance company performance analysis dashboard example

Insurance Analysis Dashboard

Embedding the Insurance Analysis Dashboard provides an overview of an insurance company’s performance through visualization of key metrics. It enables the company to realize new ways of promoting the business and see where they are making and losing money.

Insurance Analysis Dashboard
Insurance Analysis Dashboard

Key metrics and KPIs:

Assured amount

Assured Amount
Assured Amount

This number card shows the amount payable to the policyholder on the occurrence of an event insured against under their policy.

Policy count

Policy Count
Policy Count

This number card shows the number of policies sold in the selected time frame.

Annual premium

Annual Premium
Annual Premium

This number card shows the sum of the fees paid to an insurance provider in exchange for one-year insurance policies. It is calculated by multiplying the premium amount by the frequency of payments in the billing cycle.

APE performance by sales channel

APE Performance by Sales Channel
APE Performance by Sales Channel

This column chart describes the APE performance by sales channel.

APE performance by year and policy type

APE Performance by Year and Policy Type
APE Performance by Year and Policy Type

This heat map shows the APE performance for the last four years by policy type.

Profit vs. APE

Profit vs. APE
Profit vs. APE

This bar chart displays the profit and annual premium equivalent for each insurance policy type.

Assured amount by policy type

Assured Amount by Policy Type
Assured Amount by Policy Type

This pie chart indicates the percentage of assured amount for each policy type.

APE performance by region

APE Performance by Region
APE Performance by Region

This map displays the annual premium equivalent performance for each region.

To learn more about the metrics and KPIs used in this dashboard demo, refer to the Insurance Analysis Dashboard Example.   

How to embed analytical tools into an insurance app

Let’s see how analytics can be embedded into your insurance company’s web application. Bold BI helps you embed your dashboards on 18 web platforms including React with ASP.NET CoreReact with GoWinFormsNode.jsVue with GoVue with ASP.NET Core, and more. In this blog, I am going to explain how to embed dashboards in your ASP.NET MVC applications. Consider a scenario in which your insurance company has a website like the one in the following image.

Sample Website of an Insurance Company
Sample Website of an Insurance Company

You can embed dashboards easily using Bold BI and avoid building an analytics or BI solution yourself. Follow these steps to embed your dashboard successfully.

Prerequisites

Download and install the Bold BI server on your local machine and create an enterprise-grade dashboard. You can find the installation and deployment instructions here.

Step 1: Create an ASP.NET MVC application.

First, create an ASP.NET MVC application. Open Microsoft Visual Studio and click New Project. Then choose ASP.NET MVC Web Application, enter the project name, and click OK.

Step 2: Configure embedded properties.

After the ASP.NET MVC web application is created, you need to create a model class called EmbedProperties under Models and provide the dashboard RootURL, SiteIdentifier, environment, user email, and embed secret.

Properties

Property Value Descriptions

RootUrl

Bold BI dashboard server URL. For example: http://localhost:5000/bi.

SiteIdentifier

For Bold BI, it should be something like “site/site1.”

For the Bold BI Cloud Analytics Server, it should be an empty string.

Environment

Your Bold BI application environment. If using Bold BI Cloud Analytics Server, you should use “cloud.” If using Bold BI, you should use “enterprise.”

User Email

Bold BI server will use an email to authorize the authorization server.

Step 3: Generate embed secret.

You have to set the embed secret for authentication. You can get it from the Bold BI server. Click the settings icon in the left navigation bar and then click the Embed tab. Click Enable embed authentication and then click Generate Secret to generate the embed secret. Copy the secret key and paste it into the application. To learn how to do this in more detail, you can refer to this documentation link.

Note: Save the secret key, as it cannot be retrieved again. If you do not save it, you will have to generate a new one using the Reset Secret option.

Step 4: Create an authorization server.

You need to implement an authorization server in the ASP.NET MVC application to get authenticated before embedding the dashboard from the Bold BI server. You can also configure the single sign-on (SSO)-based authorization server, which is an authentication endpoint that enables users to securely authenticate multiple applications using unique embed secrets. This prevents the need for the user to log into different applications separately.

Step 5: Create Bold BI instance.

Finally, create a Bold BI instance to load the dashboard using a JavaScript file. Reference required script files and CSS files in HTML pages.

Step 6: Run the application to embed the dashboard.

After creating the ASP.NET MVC application, you need to run it. It will be launched with the dashboard details. Finally, you can see the dashboard created in the Bold BI server is embedded in your web application.

Dashboard Embedded into an ASP.NET MVC Application
Dashboard Embedded into an ASP.NET MVC Application

By following the previous steps, you can embed your dashboards into your ASP.NET MVC application.

Dashboard Embedded into an ASP.NET MVC Application
Dashboard Embedded into an ASP.NET MVC Application

To learn more about embedding dashboards into your applications, please refer to this blog. You can also download the sample code used in the previous steps from our documentation.

Conclusion

Bold BI  helps you integrate dashboards in your applications written in ASP.NET CoreASP.NET MVCAngularASP.NET, and Ruby on Rails. It will help save you time and prevent you from doing redundant work. Click this link to explore its features.

I hope you now have a better understanding of Bold BI and how it can help an insurance company be more successful. You can create any kind of dashboard you like with Bold BI’s 35+ widgets and 130+ data sources.

Get started with Bold BI by signing up for a free 15-day trial and create interactive business intelligence dashboards. You can contact us by submitting questions through the Bold BI website or, if you already have an account, you can log in to submit your support questions.

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June 2, 2022 8 min read

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