NEW YORK and BRENTWOOD, Tenn., April 27, 2017 /PRNewswire/ -- Information Builders, a leader in business intelligence (BI) and analytics, information integrity, and integration solutions, today announced that State Volunteer Mutual Insurance Company (SVMIC), a single-line medical professional liability insurer, has selected Information Builders' analytics solutions for the insurance market. Business leaders at SVMIC believe the new software will improve the company's data reporting to better serve doctors, surgeons, and other medical practitioners throughout Tennessee and the surrounding states. Information Builders' industry-specific BI solution will bring actionable data to SVMIC experts in underwriting, claims, risk management, and other parts of the business.
SVMIC insures more than 19,000 physicians and advanced practice providers in Tennessee, Arkansas, Virginia, Kentucky, Alabama, Mississippi, and Georgia. In this data-intensive environment, managers want to embed analytics into their day-to-day decision-making processes so they can more easily segment policyholders, adjust claims, establish competitive pricing strategies, and inform many other critical business processes. "We understand the importance of accurate data, and we need a BI vendor with expertise in standardizing, normalizing, and generating business-ready insurance data in order to derive impactful insights," said Tom Werner, director of Actuarial Services at SVMIC.
Most of the BI and analytics vendors that Werner and his team considered were focused on the needs of large insurance companies. They selected Information Builders' flexible suite of analytic and data management tools because they were priced and configured to meet SVMIC's current needs – and could be easily expanded as SVMIC's needs mature. Competing BI packages designed for the insurance market offered fixed analytic capabilities and only limited tools for data integration and data integrity.
Gerald Cohen, president and CEO, Information Builders, said:
"SVMIC has pinpointed a universal need among small to midsize insurance firms for targeted, industry-specific analytics. To date, most BI vendors have not addressed the needs of smaller insurers. Our tailored solution will give SVMIC a competitive edge in the growing market for medical malpractice insurance, especially as line-of-business managers and operational workers identify opportunities to use their data in unique ways."
SVMIC was founded in 1976 by a group of Tennessee physicians to insure their own medical liability risk. Today, SVMIC continues its heritage as a mutual company headquartered in Brentwood, Tennessee and provides medical professional liability insurance to more than 19,000 physicians and advanced-practice providers in Tennessee, Arkansas, Virginia, Kentucky, Alabama, Mississippi, and Georgia.
About Information Builders
Information Builders provides solutions for business intelligence (BI), analytics, data integration, and data quality that help drive performance improvements, innovation, and value. Through one set of powerful products, we enable organizations to serve everyone – analysts, non-technical users, even partners, customers, and citizens – with better data and analytics. Our dedication to customer success is unmatched with thousands of organizations relying on us as their trusted partner. Founded in 1975, Information Builders is headquartered in New York, NY, with global offices, and remains one of the largest independent, privately held companies in the industry. Visit us at informationbuilders.com, follow us on Twitter at @infobldrs, like us on Facebook, and visit our LinkedIn page.
SOURCE Information Builders