The Insurance Industry is highly regulated in most countries. There are many legal and regulatory compliance requirements. Regardless of this fact, the industry is very dynamic, with low customer loyalty a hard fact and constant pressure to balance Premium and Risk. In this environment, real-time access and delivery of services to customers and adaptability to changing business conditions are the two most critical factors in ensuring profitability and long-term success. The link between processes, transactions and data is vital because the players in the industry must exercise strict control over processes and data due to high regulatory governance. Industry processes such as customer management, policy products, claims, benefits & payments and customer service are heavily dependent on the quality and efficiency of systems and technology infrastructure.

Insurance companies need to make a radical change in their approach to analyze and transform the business. iCAST provides the industry a unified framework to better understand and identify the real differentiating assets in their institution. It delivers insights (knowledge) from data transformed into information and different ways to rethink business models and processes.

The iCAST Insurance Model (IIM) is an enterprise-class intelligent analytical BI reporting model developed on proven technologies that enables Insurance Companies to improve the efficiency and effectiveness of the information they possess. Customized to meet the unique needs of the Insurance industry, the solution accomplishes business objectives, ensures positive enterprise-customer relationships, improves marketing efforts and guarantees implementation of Corporate Strategies. Analytics Studio incorporates a wide range of analytics with unparalleled capabilities by turning data islands into insightful information for making better decisions quickly and with confidence. It delivers “out-of-the-box” analysis on marketing activities, campaigns, customer profiling, behaviour, lifetime value and sales channels.

iCAST includes a standard set of rich features that drive significant and tangible return on investment such as – OLAP Services, Digital reporting, Dashboards, Compliance reporting (Basel II—SOX--Solvency II), Standards Based (ACCORD, CIECA, CSIO), Workflow management, Process management and Information Integration which makes iCAST a one stop shop for all insurance intelligence solutions.

iCAST complies with Financial Crimes Enforcement Network (FinCEN) rules that require insurance companies to address anti-money laundering and file suspicious activity reports. It address the guided rules of federal governing bodies for anti-money laundering, by delivering customer intelligence and Know Your Customer (KYC) polices. With iCAST in place, compliance with regulatory and industry mandates is made easier and risks are substantially mitigated. The unique mix of iCAST risk and compliance management helps to manage the risk across the organization, giving an open, flexible and extensible means of measuring and managing performance and risk

iCAST focuses on profitability drivers of the Insurance Industry and has stabilised risk architecture to present to Regulators, Policyholders, Partners, Investors and Others. It uses external and internal data to improve risk selection, segmentation and exposure analysis for underwriting. This optimizes operational and investment risk by making the most common business calculations easier to use and execute.

This greater visibility enables Insurance Institutions to respond effectively and perform sophisticated predictions and take effective decisions for its future growth, launch new products and services to customers, Manage Risk and meet Regulatory Compliance with ease.