TROY — Altair Engineering Inc., a provider of simulation technology and engineering services, announced that LSG Insurance Partners has purchased and deployed Altair’s HiQube simulation-driven business intelligence and data analytics software.
As a result, LSG already has slashed the time required to prepare and broadcast dynamic reports for its sales team from as much as five days to now just minutes.
LSG provides employee benefits, risk management and financial services. Headquartered in Bloomfield Hills, LSG’s team of over 100 insurance professionals provide consultation and value-based solutions to thousands of employers nationally.
In addition to dramatically accelerating the delivery of pertinent business information and metrics to LSG’s staff to improve success rates, HiQube is allowing the firm to produce dynamic reports that are visually richer, with graphics and capabilities to drill down to core-level data for deeper insights. With HiQube, any authorized LSG employee can create a customized report, with the specific information they need, in only a few minutes.
Working with LSG, Altair consultants rapidly completed the process mapping, planning and implementation stages for LSG’s HiQube solution, enabling the system to go live in less than four months. The results of the implementation have enhanced LSG’s business analytics process.
To analyze its own performance, LSG produces reports that incorporate win-loss analysis, advantages and disadvantages of various portfolio offerings, geographic insights and key performance indicators of its sales staff’s accomplishments. Previously, LSG stored this data in a SQL database, recording which plans were proposed to customers, which ones were accepted or rejected, reasons why and other information. The company used Microsoft Access to both enter and pull information from the database. Retrieving the information in the form of a report required an IT specialist to write and maintain numerous SQL queries to obtain the necessary data.
The manual aspects of this process consumed significant amounts of time as IT staff prepared reports to meet all of the company’s needs. The vice president of sales wanted to view customer data and key performance indicators for the sales staff to evaluate and modify sales strategies. Executives needed reports to understand the portfolios of carriers and the reasons they were selling or being rejected.
HiQube now has automated the development of these reports. It replaced the manual process involved in Access with near-instantaneous data retrieval from the SQL database. Instead of receiving a PDF document in their inboxes, executive staff now can turn to the HiQube Web server; choose the information they want to see by category, geography or other criteria; and view it immediately. In place of static, tabular-column-data reports, staff now can view visually rich reports with dynamic graphs and data, allowing them to drill down for more details.
“LSG Insurance Partners has reaped such important benefits in so brief a time because HiQube is designed to integrate with SQL Server or any relational store,” said Altair CTO Yeshwant Mummaneni. “HiQube draws on the server’s database to formulate reports, key performance indicators and graphical analytics that allow businesses to obtain the most from their SQL and HiQube investments.”
In addition to saving days of time, HiQube is intuitive to learn and operate, and it allows any authorized person in the organization — not just one IT staffer in high demand — to produce reports on the fly.
“HiQube is helping us serve our customers better and more efficiently, and it differentiates us from competitors,” said LSG senior vice president Todd Preston. “Our reporting is more streamlined, reliable and consistent; and the time we save in compiling and reviewing reports translates to more time that we can spend with our clients, offering them advice based on up-to-the-minute data.”
HiQube is a high-performance simulation-driven business intelligence and data analytics system for guided decision-making. Complex business models can be easily created in HiQube’s combined multi-dimensional, relational and hierarchical data engine to deliver unparalleled decision-making power and improved business performance. To learn more, try HiQube live or download a free trial license, visit www.hiqube.com.
LSG Insurance Partners offers expertise, market clout and exceptional service in commercial property & casualty, personal lines, employee benefits and financial services. Learn more about LSG at www.lsgip.com.