With a career built on analyzing complex industries, Phanom Dixie loves data—and solving business problems. So it’s no wonder she’s very excited to lead a new benchmarking initiative that will benefit ISO ClaimSearch® customers. We asked Phanom to tell us more about this breakout project.
Q: How did the benchmarking initiative come about?
Phanom: The benchmarking initiative was born out of a conversation with our customers, who told us they’re searching for ways to improve their businesses’ performance. By allowing insurers to compare themselves with peers, benchmarking is going to give our customers a way to assess themselves—find out what they’re doing well and where they can improve.
Q. How will benchmarking help ISO ClaimSearch customers?
Phanom: It’s exciting that the key performance indicators (KPIs) we’re developing will actually help ISO ClaimSearch users figure out where they may have systemic issues. For example, a company might uncover undetected drags on cycle times or factors contributing to customer satisfaction problems. Companies are going to find many ways to use the KPIs, for example, to compare regional offices with each other and to compare their own results with the industry as a whole. They can also use these metrics to identify areas of opportunity to improve their organizational and staffing needs.
Q: How does your professional background inform your new role?
Phanom: When I was at Moody’s Analytics, I oversaw products that were used worldwide affecting day-to-day financial market decisions. Then at Standard and Poor’s, I worked on building out the many credit analysis tools and harmonizing firmwide data across multiple sectors. The analytical tools helped determine credit decisions on a company’s rating, which in turn affected their long- and short-term debt rating and bond rating and was indicative of the financial health of the company. The credit ratings had ramifications on private and publicly traded companies that directly affect the financial markets. Now, I’m drawing on these experiences in other data-intensive industries to bring business intelligence tools to ISO ClaimSearch customers.
Q: How will it work?
Phanom: Customers will access benchmarking through ISO ClaimSearch, and they’ll be able to toggle back and forth between this business intelligence solution and other tools. Full integration will allow benchmarking to become part of customers’ everyday processes, making continual analysis and improvement possible. Our analytics team is currently working to identify the top business indicators that will benefit clients most. One important aspect of this project is that we use anonymized data, which lets us maintain customers’ privacy while still producing relevant trend data for the insurance industry as a whole.
Q. That all sounds great. When will this become available?
Phanom: We’re engaging in development with beta companies in 2017, with a full rollout planned for 2018.
Q. Anything else?
Phanom: We’re seeking additional beta companies, so I encourage ISO ClaimSearch participants to contact me if they’d like to find out more about joining in the development of this wide-ranging business intelligence solution.
I’m excited about the future, and I’m confident that benchmarking is really going to help our customers.