Consistent and accurate financial and operations reporting and analysis is the nerve center for monitoring opportunities, threats, strengths and weaknesses. It is also the backbone to risk management and revising strategies in a dynamic market. Key functionality is performing in-depth analysis on large databases without deteriorating performance levels on the production systems. The solution is a data warehouse with advance analytical reporting tools.
A data warehouse is not without challenges. The first challenge is the required domain expertise to design, program, and operate the required architecture and infrastructure that has scalability, flexibility, security, control and transparency. The next challenge is integrating the processing systems with the active data warehouse. The final challenge is the efficient development of output and routines used for writing, using and maintaining reports and queries.
HRMSI provides a total Data Warehouse and Analytical Reporting solution through an Applications Service Provider (ASP) offering the hardware, software, programming, and staff. This capability is deliverable with any existing application, communication and processing infrastructure. It can be implemented with little effort on the insurers part.
HRMSI has devised infrastructure, processes and tools to handle the extract-transform-load, performance and reliability requirements between multiple disparate systems and the Data Warehouse. The Data Warehouse repository is then updated as frequently as the insurer sends premiums, claims, or other routine data, usually on a real-time, daily, or on a weekly basis.
HRMSI customizes reporting to the needs of individual insurer. Individual reports are available ranging from simple, static financial reports focused on statutory and GAAP compliance requirements to drill-down, transaction-based, risk-adjusted analyses and profiling. These reports can be designed to present data by legal entity, line of business, product, location, type of revenue/cost, or by responsibility. This capability permits for exception monitoring and reporting related to the critical actions important for future success.
Designed reports are deliverable via a web-based interface, are provided as familiar Microsoft Excel spreadsheets, HTML web pages, or via an interactive OLAP interface. For rapid response, e-mails can be generated for immediate reaction to certain defined anomalies. These interactive features allow for the reports to be saved off-line for subsequent review and revision or on-line data analysis through point and click drill down capability. Graphical and other enhancements can be added to these reports depending on needs.
HRMSI implementation team brings the following benefits:
- Minimum use of existing staff resources
- A return on investment commencing at the earliest possible date
- Rapid implementation providing savings quickly
- Concise status reports for effective management oversight