Insight boosts competitiveness
Securing and exploiting knowledge of and insight into products, customers and the market is one of the most important requirements for Eika Forsikring. Easier and better access to data helps to make the Norwegian insurance company more competitive.
We apply our insights to everything from product development and setting rates, through better sales follow-up in the banks, to new solutions for distribution and sales. Thomas H. Pedersen Head of Analytics Eika Forsikring
Banking and insurance are experiencing rapid change, driven by innovation and customer expectations about automation and digitalisation. The potential for using analytics in this sector is enormous, explains Petter Dybvig, Vice President for technical support in the Nordic region for SAS Institute.
“Data analysis has many different applications, such as reducing bad debts and customer churn as well as boosting turnover by identifying the best new sales opportunities for existing clientele”, he notes.
“Analysis-driven organisations can increase their productivity dramatically while developing new products and solutions more quickly.”
Better decisions
Eika and SAS Institute have collaborated closely and well since 2011. They have jointly implemented a number of projects to create value for Eika by applying technology from SAS. Products currently utilised by the insurance company, with great success, include SAS® Visual Analytics and SAS® Visual Statistics.
“To be a challenger in the market, we must know ourselves, the market and the customers better,” says Thomas Dinhoff Pedersen, Head of Analytics at Eika Forsikring.
“The insights we acquire through data and analysis fuel better decisions at every level. We want to continue this progress by establishing solutions in several of our business areas in order to enhance understanding throughout the value chain.”
Easy and effective
Solutions from SAS Institute help Eika to acquire better insights into its own processes. Because it can analyse large quantities of data more easily and effectively, the company can also respond quicker to ad hoc questions which arise in the daily work. Simpler access to large volumes of data have made everyday life much easier for employees.
“The ability for the users to do their own analyses and reporting through SAS helps to make their daily work more efficient,” observes Petter Dybvig.
“Instead of spending a lot of their time comparing and collating data, commercial users can concentrate more attention on value-adding activities. The burden on the IT department is also reduced and it can now devote more capacity to other priority tasks.”
Equipped for the future
Eika’s goal in using solutions from SAS Institute is to improve the customer experience across all channels. Dinhoff Pedersen believes this will be the key to competitiveness in the future.
“We apply our insights to everything from product development and setting rates, through better sales follow-up in the banks, to new solutions for distribution and sales,” he says.
“Our understanding of the customer journey and trends also improves. Generally speaking, we become better equipped to meet market requirements and to enhance both customer satisfaction and profitability in the time to come.”
Challenge
Eika Forsikring wants insight into and knowledge of its own products and processes as well as patterns of customer behaviour in order to enhance its competitiveness in a demanding market.
Solution
Eika Forsikring use SAS® Visual Analytics, SAS® Visual Statistics, SAS® Insurance Analytics Architecture and SAS® Insurance Risk Management Solutions.
Benefits
Solutions from SAS Institute give Eika Forsikring better insight into its own processes, with decision support in several of its business areas. It also uses SAS Institute solutions as a basis for product development, improved sales follow-up in the banks, and new solutions for distribution and sale.