Pioneer State Mutual Insurance Company specializes in property-casualty insurance for individuals and businesses. Pioneer and its network of independent insurance agents have faithfully served tens of thousands of policyholders. The company has earned a fine reputation for providing clients with the best insurance protection for their premium dollar. In recent years, Pioneer has experienced high growth and remains profitable. However, the carrier has faced tougher competition from larger insurance providers and direct online insurance companies. As a result, Pioneer is expected to provide the most accurate coverage possible and expert advice to its agents. Therefore, an Enterprise Performance Management (EPM) dashboard solution was required to evaluate Pioneer’s business performance and support timely decision-making.
The iDashboards Professional Services team worked with Pioneer executives to identify 12 business key performance indicators (KPIs) to provide accurate coverage to clients and advice to agents:
- Policy Count
- Written Premium
- Policy Incurred Loss
- Earned Premium
- Direct Loss Ratio
- Cash with Application Receipts
- Claim Count
- Large Claim Count
- Total Claim Amount
- Mean Insurance Scores
- Combined Ratio
- Policies Scored
iDashboards is the right tool at the right time; now we can easily customize dashboards. The flexibility of the tool allows us to quickly and accurately portray key performance metrics in a visually rich and easily understandable context.
As a result of the joint effort between iDashboards and Pioneer, a dashboard solution was developed that met the requirements of delivering timely and accurate KPIs to the executive team. Pioneer executives are now able to monitor their KPIs and drill down to immediately examine trend breaks and exceptions. For example, if Policy Count suddenly begins to decline, a Pioneer executive can drill down to the underlying problem areas. The data can be drilled in multiple ways, by line of business, geographic location, or insurance agent. Pioneer executives can absorb subject matter expertise to justify policy scoring decisions and prioritize activities, such as marketing campaigns.
In the future, Pioneer envisions expanding portions of its EPM dashboards to its independent insurance agents. By empowering agents with policy KPIs, information will be better communicated to policyholders. iDashboards will provide a visually-appealing and cost-effective method for reporting this expert information to Pioneer’s agents.