Data as a service enhances reinsurance value

Three years ago, NLC Mutual realized that standardizing the way our clients reported data would create a lot of efficiencies for us. So, we sublicensed Domo to all our clients and taught them how to use it. Now we get automated feeds of scrubbed data that are consistent across all our clients and report ready. And that opened a brand-new opportunity for us: including aggregated data among our reinsurance services.

Use Case

We’re in a unique business: our clients/owners are states, and their business stops at the border. States don’t compete against one another; in fact, they’re happy to share information that helps them work more efficiently. But where state administrators used to share claim information one-on-one over the phone, Domo opened a way for NLC Mutual to automate the process, upgrade information quality, include every client, and give new prospects a strong reason to sign with us.

As the hub that links all our member states and their municipalities, NLC Mutual is in a unique position to aggregate and distribute claims data throughout our network. We’ve become a center of excellence in displaying claims data in different formats, for example, workers’ compensation claims according to which body part was injured (see below). Our clients use these reports to benchmark their own claims experience and look for ways to improve it. At NLC Mutual, we bundle the report package—at zero incremental cost—into our product offering, which makes it much more attractive to new prospects.

Conclusion

Our Domo report package is a unique differentiator for NLC Mutual—no other reinsurance pool has anything like it. It’s already generated new business for us, and we expect further growth as the word gets out.

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