Industry Solutions: Insurance

Get the infrastructure you need to perform powerful and comprehensive insurance analytics while maintaining compliance standards.  

Analyzing risk, transferring risk, mitigating potential loss and paying for damages is the essence of your business; with that being said, Green House Data is aware that in order for you to invest in a new product or service, you need to see that the benefits outweigh the risk.

Custom infrastructure from Green House Data offers:

  • Scalable storage for an enormous amount of data
  • Cost-effective platforms for developing analytics models and reports
  • 24/7 access to applications, data, support staff, and backups
  • Big data platforms and performance database storage
  • Bolt-on managed services and disaster recovery

CHALLENGES FACED BY INSURANCE PROVIDERS

Whether you are an insurance company or an insurance agency, you face a number of challenges, such as achieving profitable results during a time of reduced premiums, increased loss activity, lower investment income, and an ever intensifying increase in competitive market pressures.

In order to entice fresh markets and accomodate customer demand, the products and pricing you offer must be competitive, agile, and comprehensive. To top it all off, you have increasingly burdensome regulatory requirements, like the Gramm-Leach-Bliley Act (GLBA) and Health Insurance Portability and Accountability Act (HIPAA), which create a need for systems and data that are as secure as they are reliable.

 

CLOUD INFRASTRUCTURE FOR INsurance companies

Cloud computing can boost your financial flexibility, reduce IT ownership and operating costs, enhance response to market change, and handle peaks in demand at a lower cost and effort to you. This service enables easier and cheaper deployment of new operations, applications, and collaborative partnerships.

Cloud infrastructure can allow all employees access to applications when and where they need them. Customer relationship management software (CRM) or client management systems (CMS), VoIP phone systems, and databases can all run on cloud servers.

The cloud also helps create and store big data that can be leveraged with powerful, universal analytics. Big data analysis can offer up new ways to personalize customer interaction and policies based on past activity, helping agencies attract and retain customers.
 

COMPLIANCE

Personal information that is provided by a customer or consumer to a financial institution as a result of a transaction with that consumer/customer, or that is otherwise obtained by the institution, is considered to be non-public personal information.  This is considered personally identifiable financial information and needs to be secure and confidential.

The GLBA is one of the most robust federal information privacy and security laws; it limits disclosure and use of customer information, and imposes a security rule for covered information by financial institutions and most insurance agents and brokers. Title V of the GLBA enacts specific legislation regarding the privacy of an individual’s personal financial information, and you must meet four of its basic requirements:

HIPAA controls the handling of customer medical records and information. Green House Data is independently audited for compliance with HIPAA protocols and regulations, and our infrastructure and protocols qualify for PCI-DSS, GLBA, and SOX compliance.
 

DIFFERENCES BETWEEN AN INSURANCE COMPANY AND AGENCY

 

Company

Agency

Description

Risk-bearing entity, underwrites, issues and holds legal copy of the policy/contract

Retailer/Wholesaler: Sells insurance coverage to customers, submits the applications to the Company for quotation or issuance of a policy

Concerns

  • Growing business through increased new business
  • Retaining existing customers or renewal retention
  • Powerful analytics
  • Speed to market
  • Higher acquisition costs
  • Profitable results
  • Investment income
  • Lower commissions due to lower premiums
  • Growth through attracting new customers
  • Retain existing customers or renewal retention
  • Additional compensation from the Company for growth, profit and renewal retention

LET US HELP YOU

Not all insurance companies and agencies are the same, or have the same requirements. We will work with you to provide fully customized products to better fit your particular needs.

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