The Challenges Facing the Insurance markets today such as the need to operate economically and efficiently, comply with new and existing regulations and standards (i.e. Solvency II), meet competitive pressures and take advantage of opportunities to grow are all exerting considerable pressure on insurers. Companies that effectively address these issues will have a competitive advantage over their peers; companies that do not are likely to struggle – perhaps even to survive.

Insurance Industry shall manage more effectively their operations, manage risks and grow through Strategic Performance Management, including :  

  • Strategy Implementation, for growth and profitability, customer experience and risk management,

  • Modernizing operations, actuarial and risk management functions,

  • Operational Efficiency and quality management.

Using Business Intelligence (BI) tools leading insurance companies worldwide can:

  • Analyze customers' behavior to uncover new opportunities, identify cross sell potential and improve retention,

  • Monitor Loss Ratio, while managing the risks to keep loss ration as low as possible,

  • Optimize claims processing and enhance claims service levels,

  • Empower underwriting with access to the right information for policies, premiums and claims per product, geography, line of business,

  • Monitor sales and insurance agent performance ,

  • Ensure regulatory compliance and empower internal analysis to monitor fraud through ad-hoc investigation and reporting

GNOSIS Management has invested in developing an Insurance Performance Management System (IPMS), which helps Insurance Top Management implement their Strategy, using Balanced Scorecard Approach and also to cascade their strategic Objectives down to the organization (Top-Down approach). The methodology involved helps the management to assign targets and also relative Key Performance Indicators for Performance Monitoring. The system is using a Data Warehouse architecture for Information Management, building of a Bottom Up approach providing a unified framework to facilitate business decisions for the Insurance Industry. Insurance PMS has a Proven Information Model, that enables the Insurance company  to have a consolidated trusted information analysis and drives Business Insights, utilizing clean data from several products and selling channels.

Insurance Performance Management System utilize an intelligent architecture that provides Reporting, Analysis and Performance Monitoring capabilities into one seamless experience for the business user. Through a modern and intuitive user interface insurance information is organized into business areas giving the opportunity for business exploration that would be impossible through different BI architectures. 

Insurance Performance Management System (IPMS) is a Dynamic Data Warehousing and Business Intelligence (BI) application, which derives all its data directly from the existing core applications and offers intuitive user-friendly dashboards that turn questionable results into measureable tarkets and strategic tasks. IPMS delivers personalized information proactively through dashboards, helping users to spend less time collecting, compiling, and validating data, and more time evaluating information and making informed decisions that support strategic objectives. 

About Gnosis

GNOSIS Management Ltd. has been founded in order to provide Data & Information Management Services and Business Solutions mainly for the Banking and Insurance Sectors.

Keep in Touch

 info [at] gnosis-management [dot] com
 +357 22 011 149
 +357 22 768 405
 36, Stasinou Street, Strovolos, Cyprus

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Case Studies:

  • Bank Of Piraeus Greece
  • Bank of Piraeus Cyprus