Insights vs. DIY
Why TAI Insights?
Whether you’re familiar with TAI Insights or not, you’ve probably heard someone from the team mention that it’s an intuitive reinsurance analytics toolset empowering life insurers to improve reinsurance operations and optimize reinsurance portfolios.
The biggest questions we get from clients are “Why TAI Insights?” and “How is this tool different from those we’ve built internally?”
Ultimately, it boils down to comparing this toolset against:
internal company data analytics
the level of capacity that can be allocated to, or will be utilized for reinsurance operations and investigations
toolsets specifically developed for reinsurance operations, as well as the maturity of the reinsurance capability within the organization
This toolset offers companies a unique opportunity to significantly advance their data analytics capabilities and deepen their understanding of their reinsurance portfolio. Two critical aspects are central to this advancement.
The primary consideration is that the intellectual property (IP) embedded in this product stems from TAI’s four decades of experience within the reinsurance industry. TAI has effectively demonstrated the embodiment of this IP by incorporating the necessary metrics and datasets, focusing on key performance indicators crucial for optimizing genuine insurance operations. The extensive collection of data within the model includes over 400 charts and dashboards along with the ability to build your own and serves to highlight the potential benefits that can be derived from reinsurance operations. Additionally, we offer the "Ask an Analyst" service, where the TAI team is available to deliver customized tools tailored to your organization's specific requirements, all at a highly competitive price point. These features collectively fall under the TAI IP umbrella and are readily available at your fingertips.
The second consideration is the total cost of ownership. It’s very common for companies to hesitate when purchasing software and instead decide to build out similar programs internally. However, this hesitation often overlooks the broader time and cost involved in the development, implementation, ongoing improvements, and technical support throughout the design and continued use of these internal systems. TAI relieves this pain point by taking care of everything in-house. We are continuously enhancing the TAI Insights toolset, and you will receive future improvements as we release new versions of the Insights product.
One additional intriguing concept we are investigating, prototyping, and intend to incorporate into the product is the potential for seamless flow of information and network effects, particularly between reinsurers and carriers. For instance, we are developing an audit module that aims to alleviate the difficulties and costs associated with conducting reinsurance audits by providing an automated method for comparing reinsurer and carrier data, and we have developed a prototype that demonstrates significant utility in that domain.
This concept, paired with TAI’s IP and numerous other facts, further supports the notion that TAI Insights offers substantial benefits to how your company interacts with your data. Early engagement and participation in this ecosystem are recommended.
TAI Insights primary objective is to transition analytics from an ad hoc investigative approach to a more systematic one, ensuring that reports are consistently up to date with the latest data, and that any ad hoc investigations conducted can be effortlessly refreshed in the future.
If you have any inquiries or need additional support in developing an internal business case for this software, our client experience team is here to help. info@taire.com