FARMINGTON, CT--(Marketwire - Oct 9, 2012) - The Innovation Group plc (Innovation Group), today announced Premier Prizm, an industry leading medical management services company serving many of the top U.S. auto insurers, successfully implemented Insurer Analytics, a key component in Innovation Group's Innovation Insurer suite.
"Our implementation of Insurer Analytics has provided a strategic framework and immediate business value to our customers and Premier Prizm's operations," said Linda Diekmann, partner at Premier Prizm. "Insurer Analytics enhances our medical claims management process and service for our customer by providing key metrics and reporting of SLA results, helping manage their claims costs more effectively."
The initial focus for the implementation was to measure productivity of employees and efficiency of existing processes as they relate to Premier Prizm's service level agreements (SLA) commitments, productivity goals and cost savings for their customers. Leveraging the robust data model and extensive insurance-specific functionality inherent to Insurer Analytics, Premier Prizm built over twenty-five different analyses and reports focused around productivity and workload. The dashboards and reports have enabled them to:
- Assign and allocate the right resources for customers at the right time, helping to manage workload more effectively and efficiently;
- Measure, monitor and report SLA results against expectations, while also analyzing productivity and work streams to ensure quality and avoid bottlenecks for both system and manual tasks; and
- Reallocate staff to other service initiatives, thereby reducing costs for overall reporting.
"Premier Prizm's implementation represents the first implementation in the U.S. market of the new Insurer Analytics based on the Microsoft BI technologies," said Euan King, CEO North America Insurer Software, at Innovation Group. "This implementation highlights the ability of Insurer Analytics to empower insurance businesses while providing simplicity of use, robust and dynamic visualization and flexibility to define new key measures and reporting for the insurance business."
Implementation of Insurer Analytics was accomplished primarily by Premier Prizm's staff with some support from Innovation Group, an accomplishment which highlights the solution's flexible framework, single data model, robust ETL process, insurance-specific KPIs and metrics, as compared to other analytics solutions. Using Insurer Analytic's insurance-specific framework, Premier Prizm has gained greater client insight to effectively and uniquely manage specific medical claims needs based on the company's specific SLAs.
Recently profiled in the Celent Data Mastery Spectrum 2012 report, Insurer Analytics provides insurers one version of the truth through a single enterprise view, thereby empowering the business operationally to measure, monitor and manage, as well as to strategically uncover, insights and opportunities.
Insurer Analytics provides key data mastery components including analytics, business intelligence (BI) presentation layer, ETL, a data warehouse / data mart, data sets and enterprise roadmap. As a part of the Innovation Insurer suite, Insurer Analytics is geared around maximizing revenues, managing performance across the insurance value chain, preventing cost leakage, and improving efficiencies. Insurer Analytics can be to highlight and enhance multiple functional areas within an insurance organization, including customer data, distribution/channel management, underwriting, policy service, claims, pricing, enterprise risk management (ERM), catastrophe management, fraud management, and supply chain management. Additionally, Insurer Analytics supports all property and casualty (P&C) lines of business.
About The Innovation Group plc:
The Innovation Group plc (LSE: TIG.L) is a global provider of business process outsourcing and software solutions to the insurance, fleet, automotive and property industries. Innovation Group provides contact centers, repair networks, process management, supply chain and technology operations and decision support analytics to support accident management, repair and estimation and claims management services. Innovation Group has over 800 global clients including AXA Insurance, RSA, Encompass, Esurance, Hertz, Main Street America Group, American Modern Insurance Group, LeasePlan, The Ford Motor Company, Aviva, Toyota and Zurich. The Group processes more than 4 million claims per year with 20 per cent direct claims cost saving achieved. Innovation Group's 2,300 people are located in the United Kingdom, Australia, Belgium, Canada, France, Germany, Japan, India, Pakistan, South Africa, Spain and United States. www.innovation-group.com