Star Health decided to invest in a Business Intelligence platform in the year 2010. Despite switching to the new platform, several challenges remained. Since it was a customized tool rather than an off-the-shelf product, the company needed to work with the vendor to generate each report. As a result, the internal team was not in a position to produce ad-hoc reports in a timely or cost-efficient manner.
The Claims department needs to analyze factors such as the incurred claims ratio against the premium procured and performance of network hospitals with respect to turnaround times, costs, etc.
The Product Development team needs to conceptualize and design new products. When a new insurance product is developed, data on existing products is analyzed vis-à-vis external information. This helps the actuarial team model new prototypes based on market requirements. Before launching the product, the company needs to submit detailed reports with the Indian Government’s Insurance Regulatory and Development Authority (IRDA), which can be done using Tableau.
For instance, if the company were to float an insurance product for diabetes, it would need to analyze a variety of data to arrive at the optimum pricing model. In addition to internal data, Star Health might look at the incidence of diabetes in the country, age groups, or geographies that are most affected, or causes of the disease, for example. Even from a regulatory standpoint, insurance companies need to submit several reports on internal data to authorities.
With the earlier tool, it was tough for the company to accurately estimate timelines for the generation of each report and anticipate the impact on other reports in the pipeline. Dependency on the vendor slowed down processes and drove up costs.
Star Health was looking for an alternate tool with multiple source connectivity, in-memory technology and more importantly, the ability to generate reports internally without vendor dependency. Star Health identified Tableau as the tool that would meet its requirements, based on Tableau's performance on the Gartner Magic Quadrant. They selected Bodhtree Consultancy Ltd., as an implementation partner.