SMAART (Sophisticated Monitoring and Analysis of Risk Tool)

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Overview

SMAART is a comprehensive business toolset for success in health insurance that serves the Health Insurance companies’ need to monitor, steer, and grow their health portfolio.

It is a business tool, consolidating historical claims data, actuarial and underwriting calculations, medical trends and other industry factors to determine the risk and provide insights. It empowers managers, actuaries, and underwriters to make decisions with confidence in their data and increase business profitability, efficiency, and competitiveness, by providing:

  • Advanced monitoring across the entire health insurance portfolio
  • Performance comparison of various product lines
  • Flexible and dynamic reserving
  • Superior pricing of group renewals

A scalable, Oracle-based solution, secure and compliant, fast to deploy, with simple data import mechanism and dynamic visualization, SMAART is offered under subscription-based SaaS model, or can be hosted on-premise or cloud.

Key Features

SMAART's dynamic visualization of key actuarial factors enables insurers to set reserves and anticipate trends and patterns. Underwriters can track business renewal processes, set renewal strategies for group business and monitor deviation from targets. Simulations performed at the group policy level, help you assess the impact of large claims, policy loadings and benefit adjustments on your health portfolio.

SMAART is:

  • Cloud-ready
  • Role-based
  • Secure and compliant
  • Fast to deploy and easy to use
  • Armed with dynamic KPI visualization
  • Equipped with data import mechanism

Key Benefits

SMAART brings transparency and consistency, data objectification saves time, prevents errors and increases security as it keeps historical track changes and it is shareable to all stakeholders. It empowers the company to become better; more profitable, more efficient, and more focused, as it can be the single source of truth for all the users of the tool, customized to their own needs and targets.

  • The tool’s dynamic visualization provides managers with easy access to KPIs that allow them, at a glance, to monitor the health of their business, across the various product lines, at a given point in time. They can explore more data and gain new insights much faster as they view information from top-level KPIs with dynamic drill-down capabilities to further analyse if required, the portfolio on a granular level.
  • For actuaries, loss ratio is calculated automatically, while incurred claims projection is based on multiple methods within seconds. Trends and patterns are considered when reserves are set, through SMAART’s flexible actuarial factors. Reserves estimation is made easier and faster, history is maintained and reserve levels are automatically inherited to the policy and product level.
  • Underwriters can fast track business renewal processes, set renewal strategies for group business, and monitor deviation from targets, in order to succeed better margins. They have enhanced control over the policy pricing process via history tracking for error identification and they can eliminate outliers’ significance on projections through running renewals’ simulation and “what-if” scenarios.