Prima Solutions Group, the leading French insurtech, has released version 9.6.1 of Prima Analytics, its cloud platform for predictive analytics. The new version results from a complete technical and functional overhaul of the software.
Insurers have enormous amounts of data. It can include the insured’s age, socioeconomic status, premiums paid, compensation, car brands and number of beneficiaries. But insurers must be able to make sense of data. For example, on which type of vehicles is the loss ratio worst? In which regions and on what types of contracts do salespeople get the best results? Is the trend in claims from one year to the next normal or is there potential fraud? With reinsurance contracts, what change in the commission rate would improve the combined ratio?
"The insurers and reinsurers we serve are asking these questions," said Hugues Delannoy, President of Prima Solutions. “Users of policy administration systems are very frustrated at not being able to obtain this information with traditional reporting functions.”
Prima Analytics lets insurance and reinsurance companies answer these strategic questions. The software was developed by Tricast, which Prima Solutions acquired in late 2017 and which already serves more than 50 customers in the insurance industry. Renamed Prima Analytics, this 100% cloud platform lets insurers and reinsurers explore and segment data to obtain a dynamic vision of their portfolios.
"Prima Analytics has been completely redesigned to improve ergonomics and to allow all possible graphical representations, thanks to its advanced components. While streamlining navigation, the new version also simplifies functional coverage and increases computing power, thanks to a Spark engine that allows complex operations to be parallelized. Moreover, we used open-source big data technologies and frameworks (Hadoop) and a distributed Cassandra database to develop this new 100% cloud version, which is easier to deploy and maintain than the old version,” Delannoy said.
“Prima Analytics is of particular interest to our customers using Prima P&C for non-life, Prima L&H for life and health, and Prima XL for reinsurance. Prima Analytics is indeed an agnostic solution capable of connecting to all the tools on the market. And the strength of our software is that it is already truly adapted to the needs of the insurance sector. We know that because we’ve worked with dozens of companies using Tricast’s solution for years.”
“Prima Analytics gives management teams intuitive yet controlled access to a wealth of data, anywhere, anytime and through any device. Thanks to its power and simplicity, this software solution will fill a significant void in the governance systems of many insurance companies around the world,” he said.
Prima Analytics is one of the sophisticated solutions insurers are investing in to automate their procedures, reduce management costs, improve customer experience, and gain competitiveness as the industry transforms. Digitalization gives decision makers new tools to analyze and explore the numerous data that pass through their information systems, to segment their portfolios, anticipate the impacts of changes in their products, manage the profitability of their activities and facilitate decision making.
For more information about Prima Analytics, visit https://www.prima-solutions.com/en/news/new-version-of-prima-analytics-predictive-analysis-software-for-insurers-unveiled-by-prima-solutions.
About the Prima Solutions Group
The leading French insurtech and a key player in insurance in Europe, North America and Asia-Pacific, Prima Solutions Group publishes software for insurance and reinsurance professionals, covering all processes sector job: life and health insurance (group or individual), non-life, reinsurance, regulatory compliance, analyzes (predictive simulations and actuarial calculations).
The group supports more than 300 customers and has a global network of partners; it allows insurance companies to speed up their digitalization thanks to its highly configurable, modular, full-web software platform available in the cloud. https://www.prima-solutions.com/en/home
