To integrate and analyse historical data for reinsurance modeling and rate analysis
Baldwin Mutual Insurance, an Alabama-based property and casualty insurer, has purchased Lyzasoft’s data analysis solution – Lyza. The company has selected this software to integrate and analyse historical data for reinsurance modeling and rate analysis.
Baldwin Mutual Insurance has legacy data stored in spreadsheets, AS/400 spool files, AS/400 DB2 tables and MySQL databases. It had become increasingly difficult to access historical data and to integrate these sources manually, each time they need to perform an analysis to derive meaningful business insights, said the company.
Baldwin Mutual Insurance previously resorted to performing SQL build-ups of the data through temporary tables until achieving the desired query result, which is not an efficient solution.
Kevin Russell, vice president of Baldwin Mutual Insurance, said: “As a small, regional insurance company, we operate under the constraints of a tight budget. Our BI initiatives seem relatively straightforward until you recognise not only where some of this historical data comes from, but also the sizes of the policy and claims data sources alone. The systems in place before Lyza required intensive development, custom scripting, and rework.”