In today’s dynamic environment, real-time access and delivery to customers and adaptability to changing business conditions are both critical factors in ensuring the profitability and long-term success of insurance carriers. The linkage of process, transaction and data is more important than ever as the insurance industry faces the need to have process and data controls due to increased 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 the technology infrastructure.

Given the dynamic business landscape, Insurance companies need a new approach to analyze and transform the business. iCAST provides a unified framework for better understanding what an institution has – for identifying the real differentiating assets. It delivers insightful information and different ways to rethink business models and processes.

iCAST Insurance Model (IIM) an enterprise-class intelligent analytical BI reporting model developed on emerging technologies enables the Insurance institutions to improve the efficiency and effectiveness of the information access. Customized to meet the unique needs of the Insurance industry, the solution accomplishes the business objectives, ensuring enterprise customer relationships, marketing efforts and corporate strategies. Analytics Studio incorporates wide rage of analytics with unparalleled capabilities by turning data islands into insightful information for making better decisions quickly and with confidence. It delivers “Out-Of-Box” analysis on marketing activities, campaigns, customer profiling, behavior, lifetime value, and channels.

The product comes of the shelf with rich set of 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 etc which makes iCAST as a one stop shop for all insurance intelligence solution.

It 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

It focuses on the profitability drivers of Insurance Industry and has stabilized 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 decisions about its future growth, new insurance products and services to customers.