Millbrook, a provider of business intelligence and data warehousing solutions for insurance carriers, announced over the weekend that it has launched a new service called GrowthPort Analytics, developed in partnership with business analytics technology firm Axtria. GrowthPort Analytics combines Millbrook's data solutions for the property and casualty (P&C) industry with Axtria's marketing and distribution analytics experience.
GrowthPort Analytics applies advanced analytics to existing data from a carrier's policy and claims admin systems. The results allow a carrier to identify opportunities and risks, prioritize and focus efforts, and take actionable steps to drive revenue and profit.
"By offering GrowthPort Analytics, we are helping P&C carriers identify untapped opportunities using their existing data in their policy admin system, which will lead to profitable growth," said Millbrook principal and cofounder Jack Plunkett in a statement. "Axtria is an ideal business partner with expertise in business analytics that fits well with our current offerings of providing data-driven solutions to the P&C industry. Leveraging Axtria's knowledge, we are ensuring that our customers will see new opportunities and a clear pathway of action that [they] had not seen before to grow their business."
One of the key features of GrowthPort Analytics is an interactive analysis tool that enables users to "drill down" into data from specific agencies and policies to identify trends, monitor performances against objectives, and manage opportunities on an ongoing basis.
"Partnering with Millbrook enables us to help companies in the P&C industry to delve deeper into their existing data and find new opportunities to retain and grow their most profitable market segments and understand the challenges in the market," commented Randy Risser, principal at Axtria.
The use of analytics to provide greater insight into customers and new business opportunities is gathering steam among numerous industries, noted Gartner, a technology research firm. The market for business intelligence platforms, analytic applications, and performance management software revenue reached $12.2 billion in 2011, a 16.4 percent increase from the previous year, according to Gartner.
"BI, analytics, and PM have been identified as one way to filter vast and growing amounts of information to reach insights and decisions in the digitized world, which is transforming industry after industry," said Gartner principal analyst Dan Sommer.