Insurity, a leading provider of cloud-based software for insurance carriers, brokers and MGAs announced that it has selected Larsen & Toubro Infotech (BSE: 540005, NSE: LTI) as a strategic partner and system integrator (SI) for its new Data Warehousing & Analytics Suite, built on and powered by Snowflake. LTI will be the primary implementation partner for property and casualty (P&C) insurers who want to deploy the Snowflake-based suite. LTI brings decades of experience in working with leading P&C insurers globally. LTI has a proven track-record in managing complex projects, handling multiple solutions across business lines, and building lasting value for insurers.
Insurity Analytics already delivers insights to more than 100 leading insurance companies. With Snowflake’s powerful data platform capabilities as the infrastructure for Insurity’s software platform, insurance customers will have a first-to-market, fully- integrated, modern software platform, fueled by the industry’s most advanced analytics offerings. The Insurity Data Warehousing & Analytics Suite accepts data from any policy, billing, claims, reinsurance, or MGA or TPA sources. It provides out-of-the box support for 31 Commercial, Personal & Specialty Lines of Business (LOBs), and is empowered by more than 16,000 data attributes. Drawing from the broadest and deepest data repositories in the industry, based upon non-proprietary ACORD standards, Insurity Data Warehousing & Analytics Suite delivers insights beyond what is available from any other data solution in the property and casualty marketplace.
LTI is a global technology consulting and digital solutions company with operations in 31 countries and 33,000 team members. LTI enables clients to improve the effectiveness of their business and technology operations. For over 12 years, LTI has partnered with Insurity to streamline property and casualty insurance software implementations across various geographies, multiple divisions, different currencies, disparate languages, and complex regulations. LTI is an Elite partner to Snowflake and has invested in developing a state-of-the-art solution suite, called PolarSled, to accelerate the migration to Snowflake.
The Insurity Data Warehousing & Analytics Suite, implemented by leveraging LTI’s proven consultants and PolarSled solution suite will enable P&C insurers to:
- Get their data warehousing and analytics up and running faster, under budget, and on-time: Moving data warehousing and analytics to cloud-based solutions can result in savings of millions of dollars in IT maintenance and hosting costs. LTI enables faster data migration allowing insurers to get up and running faster due to Snowflake’s easy-to-use, powerful platform, where users can easily unify, integrate, analyze, and share their data within the Data Cloud.
- Reduce underwriter workload: Through Insurity’s software and LTI’s expertise, data is consolidated into one central data repository for monitoring portfolio performance across all business units. This is used to build advanced analytics that automate decision making, reducing underwriters’ daily workload.
- Increase profitability and bring new insurance products to the market faster: With the Insurity Data Warehousing & Analytics suite, insurers can access real-time data at multiple data processing stages to identify patterns and trends in their data much sooner. Underwriters can quantify the full life cycle of a policy before writing it, claims departments can reduce expenses and better predict runaway or “jumper claims,” and insurers can introduce new insurance products based on emerging but underserved needs – dramatically improving overall profitability.
“Only Insurity Analytics is bringing a data model proven at more than 100 major insurers into Snowflake. LTI is an Elite Services Partner of Snowflake and has over 12 years of experience implementing Insurity software. This is the best of both worlds – a proven Data Warehousing & Analytics software built on Snowflake, now implemented by an exceptionally experienced system integrator and global partner like LTI. We are sure this will transform the way P&C insurers analyze data, write policies, and go-to-market,” said Roy Wood, Chief Customer Officer at Insurity.
“LTI is thrilled to partner with Insurity to deliver fully cloud-based data warehousing and analytics solutions. Insurity’s software has been built using insights from more than 100 insurers over thirty years. LTI’s deep expertise in the insurance domain, our institutional knowledge of Insurity’s products and solutions, and our strong partnership with Snowflake makes us the ideal partner to deliver this transformation predictably. Insurity and LTI together are well positioned to solve the biggest challenges insurers are facing today and, in the future,” said David Althoff, Chief Business Officer, Insurance, at LTI.
To learn more about Insurity’s new Data Warehousing & Analytics Suite, please reach out to Laura Krause at Laura.Krause@Insurity.com
Insurity is a leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 property and casualty carriers in the US and has over 200 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. For more information, visit www.insurity.com.
LTI is a global technology consulting and digital solutions company helping more than 400 clients succeed in a converging world with operations in 31 countries. Founded in 1997 as a subsidiary of Larsen & Toubro Limited, their unique heritage gives LTI unrivalled real-world expertise to solve the most complex challenges of enterprises across all industries. Each day, LTIs team of more than 33,000 enables clients to improve the effectiveness of their business and technology operations and deliver value to their customers, employees, and shareholders. Find more at www.lntinfotech.com.