April 8, 2021
Now underwriters can quantify the full life cycle of a policy before writing it, claims departments can reduce expenses and better predict runaway or “jumper claims,” and insurers can introduce new insurance products based on emerging but underserved needs – dramatically improving overall profitability
HARTFORD, Conn. – Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs today announced a new data application, built on and powered by Snowflake, the Data Cloud company. Insurity Analytics delivers insights in the property and casualty (P&C) marketplace to more than 100 leading insurance companies. With Snowflake’s powerful data platform capabilities as the infrastructure for Insurity’s software platform, insurance customers will have a fully integrated, modern software platform, fueled by an advanced analytics offering.
P&C insurers are awash in data, but it is often housed in silos, making it challenging to use that data to answer key questions, such as: How can underwriters quickly quantify the full life cycle of a policy before writing it? How can we reduce skyrocketing expenses? Which claims will become runaway or “jumper claims”? And where do opportunities exist to introduce new insurance products based on emerging but underserved needs?
Insurity Analytics accepts data from any policy, billing, claims, reinsurance, or MGA or TPA sources. It provides out-of-the box support for 31 Commercial, Personal & Specialty Lines of Business (LOBs), and is empowered by more than 16,000 data attributes. Drawing from the broadest and deepest data repositories in the industry based upon non-proprietary ACORD standards, Insurity Analytics delivers insights beyond what is available from any other data solution in the property and casualty marketplace.
Snowflake delivers an easy-to-use, powerful platform where users can easily unify, integrate, analyze, and share their data within the Data Cloud. Snowflake leverages the power of the cloud to scale in real time to support nearly any number of users across regions as they execute diverse analytic workloads, making it an ideal platform for building data applications.
“No other software provider is bringing a data model proven at more than 100 major insurers into Snowflake’s Data Cloud. This is a game changer for not just us, but the entire P&C industry,” said Kirstin Marr, Head of Insurity Analytics. “With Insurity Analytics in the Data Cloud, insurers can optimize every aspect of their workflow and organization. Insurity Analytics in Snowflake will provide a single source of truth for all data, so underwriters can evaluate changes in portfolio performance in real-time to derive relevant insights into risks and exposure. Insurers can also compare how similar claims would behave in comparable environments, to automate decision-making with smart, prescriptive recommendations. Using these types of insights, insurers can quickly adapt to emerging needs, with new products that enhance the policyholder experience and increase profitability.”
“We’re excited that Insurity has chosen Snowflake as the platform for their data products,” Snowflake VP of Customer Product Strategy, Matt Glickman said. “With Snowflake, they have a platform that scales nearly infinitely and instantly, and Snowflake Data Cloud delivers a powerful data network for Insurity’s customers to achieve deeper data insights that can optimize decision making for the P&C industry.”
To learn more about Insurity Analytics in Snowflake Data Cloud, please reach out to Laura Krause at Laura.Krause[at]Insurity.com
Insurity is a leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 property and casualty carriers in the US and has over 250 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. For more information, visit www.insurity.com.