Insurance solutions specialists, Room Underwriting Systems, has launched a new online analytical processing (OLAP) services division.
The division, headed up by chief consultant, Steve Downing, will use OLAP technology to offer underwriters and analysts a centralised approach to risk management, with the ability to analyse data in a flexible way, to search for trends and to aid forecasting.
In an OLAP data model, information is stored in 'cubes'. These consist of dimensions (descriptive categories) and measures (quantitative values).
Examples of a dimension are: broker, underwriter, class of business, domicile and year of account. Measures are: actual premium income, estimated premium income, earned/unearned premium or paid/outstanding claim.
Once a cube is built, data is viewed through a Briefing Book. This allows decision makers to organise and save views of their data for presentations and emailing. Users have the ability to drill down through any dimension, for example, to visualise their financial data by Broker, Domicile, by Underwriter or Class of Business in any order.
Briefing Books can also be downloaded as static or interactive HTML.