Insight is what we make our living from
Storebrand is a leading player in the Nordic market for long-term saving and insurance. To operate efficiently, the company is dependent on good knowledge and a good decision basis. Solutions from SAS Institute systematise and analyse large quantities of data to provide valuable insights in banking, non-life insurance, health and pensions.
Insight is business-critical for us. That’s what we make our living from. We utilise SAS Institute from A to Z, and find its solutions fantastic for strategic work. They provide us with increased insight, help us to secure an important basis for clarifications, and minimise uncertainty.
With SAS Institute as its partner, Storebrand can utilise tools for advanced data analysis and visualisation. These solutions, which facilitate a high degree of self-service, are used across the whole business as the basis for securing useful information in a simple way.
“Insight is business-critical for us,” explains Storebrand analyst André Strand. “That’s what we make our living from. We utilise SAS Institute from A to Z, and find its solutions fantastic for strategic work. They provide us with increased insight, help us to secure an important basis for clarifications, and minimise uncertainty.”
He notes that SAS Institute provides the company with data directly from the source and allows it to process huge amounts of information.
“With millions of rows and hundreds of variables, these solutions help us to make the complex simple. Data can be systematised extremely quickly, and provide us with findings which have value and weight. Analyses are simple to perform and the solutions are flexible.”
Tore Borge and André Strand
Big consumer of automated reports
Storebrand has a broad need for insights across its business areas. In addition to ad hoc analyses, performed continuously on the basis of a number of predefined functions, the company has established more than 100 automated reports produced either daily or weekly. These are posted to Storebrand’s internal SharePoint solution, so that everyone with legitimate access to the data can follow developments in their areas. The reports range from sales and management reporting to daily performance in different segments, such as banking.
“Solutions from SAS Institute represent an important management tool for us,” confirms business analyst Tore Borge at Storebrand. “The analyses generated provide an important basis for our pricing, for example. Compatibility of the solutions with Excel and the ability to publish reports on our SharePoint pages are an advantage for us.”
In addition to reports for internal use, automated reporting is used for the information Storebrand is required to provide to the authorities. SAS Institute’s licensing policy permits this without the company needing to think about securing licences for external users.
“Automated reporting simplifies our work with the regulators, and means we can devote resources to more customer- and market-oriented applications,” says Borge.
Gains control with Visual Analytics
Storebrand has opted for SAS® Visual Analytics., which makes it easy to generate its own analyses to meet the requirements and wishes which might arise. Setting up reports is quick, and the solution’s web architecture makes distribution and access easy. That lowers the threshold for adopting it. A typical example of an analysis area is motor insurance claims. Using Visual Analytics from SAS Institute, cyclical trends can be identified on the basis of age groups and car makes, for example. The solution makes it possible to measure claims history and drill down in various data sets, and to arrive at the right pricing, for example.
“Using Visual Analytics makes it easy for our staff to present figures in a comprehensible way, which gives us operational benefits,” explains Strand. “The solution is very user-friendly and provides rapid access to data. It’s been very well received by our people, and means a reduction in the number of fixed reports we run. We always get the latest version of data from one unified source, which is a big advantage.”
Self-service versus governance
The balance between self-service solutions and governance is important. Storebrand performs well in this area. Its commercial and IT sides work closely and well together. According to Gartner, most businesses will have adopted self-service solutions for enterprise analysis by 2018, but only one in 10 will have adequate governance. A significant need exists to maintain control of data and their validity, use and traceability.
“We operate in a market segment where governance is important, and work across the business to stay among the front runners in this area,” says Borge. “Our efforts here include meeting the new data protection regulations which will be introduced in May 2018.”
The way ahead
“We collaborate well with SAS Institute and derive great benefit from its solutions,” he adds. “The way ahead will be to add further value through spreading the use of maps and reducing the threshold for adopting solutions by introducing single sign-on.”
Storebrand’s tips for success
Storebrand’s experience of succeeding with enterprise analyses identifies four requirements:
- solid business understanding
- good specialist knowledge of the various areas to be analysed
- good analysis tools and learning these thoroughly
- technology which facilitates roles and the business process.
Storebrand needs to collate large quantities of data and to perform analyses which provide commercial value, including correct pricing of its products.
Solutions from SAS Institute help to give Storebrand greater insight, secure important inputs for clarifications and minimise uncertainty. Licence costs are structured so that they escalate in line with requirements and usage.