Captive Information Systems: The Palette of Possibilities

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Captive Information Systems The Palette of
Possibilities

• Richard F. Denning, President
• Shelter Island Risk Services

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Captivating your RMIS

• Linking the analysis needs of Captive Insurers
  with broader information resources

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RMISa history

• Historically ? information has been a restricted/
  proprietary resource ? not shared with insureds
• Today information overload!? Insurers/TPAs
  compete to differentiate themselves through
  information services

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What We Inherited

• Data silos, not data marts
• Claim orientation, not enterprise risk
• Hard-wired, instead of parameterized
• Client specific, not standardized

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Better Practice

• Dash Boards
• Fixed format, careful design, high graphic
  quality with a specific target audience e.g.,
  Executives, Risk Professionals, or Line
  Management
• Toolkit Resources
• Behind the Dash Board with ad hoc,
• drill down, statistical, or graphical
  capabilities
• Open Data Connectivity
• Integrating datasets for exposure
  demographics

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Getting Captives Out of their Box

• Is accounting enough?
• Captives ? cross-road for enterprise risk
• Technology as the route to expand the Captives
  role for operational risks

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Todays Technology

• Open architecture including Microsoft Access and
  Excel
• Affordable, statistical, graphical and
  mathematical modeling software
• Emphasis on what it means!

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Toolkits Available USERS NEED ONLY APPLY

• Pivot tables, graphics, grouping mapping
  capabilities

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Data Characteristics Needed for Captive
Information Services

• Quality ? ? ? ? ?
• Timeliness ?
• Content specific ? ? ? ?
• Claims orientation ? ? ? ?
• Policy linkage ? ? ? ?
• Exposure connection ? ? ?
• Organization structure ? ? ? ?

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But, what does it mean?JMP and Netica
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Netica ? learning the connections in your data
?and we mean it!
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Netica Sample
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If you have an RMISthese ideas

• Are additive, not a replacement, for RMIS
• Customize or refine a standard RMIS
• Employ a broader system architecture

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Examples

• Allocating cost of risk and incentive plans
• Developing underwriting models
• Negotiating with excess markets
• Forecasting budgets
• Scorekeeping loss performance
• Performance monitor on all claim related
  services
• Tracking loss prevention results

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Creativity and Imagination

• The real limitations in expanding the
  information power of your Captive