SMAART
Sophisticated Monitoring And Analysis of Risk Tool
SMAART is a Business Intelligence tool that provides an out-of-the-box business monitoring and performance improvement solution.
Three tools comprise SMAART: the Portfolio Tool that helps monitor the performance of a portfolio and reserve for the entire health insurance book of business, the Group Tool that, in turn, helps monitor performance and renewals specifically for the group business and the Product Tool that assists with performance monitoring and pricing at product level.
How you benefit
• Improved business performance across the entire portfolio (group and individual business)
• Transparency and consistency in business performance monitoring
• Superior pricing of group renewals and monitoring of individual business
Key features
• Sophisticated and configurable IBNR and incurred claims calculation
• Accurate Loss Ratio estimation on portfolio, product and group policy levels
• Ultimate Loss Ratio forecasting based on membership, seasonality, medical trends and loadings
• Forecasting allowing for What-if analysis
• Various KPIs including Burning Cost, Utilization Rate, Average Claim Cost and others
• Premium adjustment calculation on product and group policy levels
• Data import interface
• Export functionality into Excel, PowerPoint
• Provided as SaaS