At a Glance:
Business Challenges: A legacy reporting system migration because of climbing costs and needing to modernize reports to stay competitive.
Solution: Implementing an easy-to-use business intelligence solution, Wyn Enterprise, that has a low total cost of ownership (TCO).
Benefits: Expert knowledge and support, fast implementation, large savings, easy adoption, and ease of use.
What You Need to Know
Anchor Risk and Claims Management is a full-service insurance claims administrator in Texas. They provide claims administration for workers' compensation, occupational injury, and commercial auto markets. Anchor has an in-house team that oversees network administration, software development, and other IT objectives. Recently, they made the bold decision to migrate their legacy reporting system (Crystal Reports).
The First Steps
The insurance industry is fast-paced, and guidelines are constantly changing. Because of this, the need to modernize reports had become a must for Anchor Risk, a company that had been relying on aging reporting software for years. The aging software was Crystal Reports, which they used for about 25 years. However, due to ramped-up owner licensing fees and out-of-date reporting, Anchor Risk needed to look for an alternative solution that could serve their purposes. The team had three main requirements for whatever solution they decided to migrate to:
- A responsive support team
- Ease of use with easy migration.
They began by looking at several reporting products, including Java solutions, but there wasn't anything big enough to absorb all that they were doing. And by absorbing, Anchor Risk needed a solution that could make API calls directly into the product, schedule and drive the ending report format, and distribute reports.
The team at Anchor Risk decided to broaden their search, and that's when they came across Wyn Enterprise, formerly ActiveReports Server. At the time of their evaluation, Wyn seemed like it handled everything that they were looking for – it was cost-effective, had a great support team, and could be up and running quickly. Additionally, they were impressed by Wyn's 20-year-plus history and the fact that they were already an established solution.
Implementation and Outstanding Support
After the company had evaluated several reporting products and selected Wyn as their preferred solution, they were up and running in just eight to ten weeks. While there were a couple of technical issues configuring reports, the Wyn Support Team was able to quickly resolve them by plugging in a couple of hotfixes. The turnaround time for support was impressively fast, with support responding to assist within the same day.
The outstanding support provided by Wyn was a testament to the team's expertise and commitment to customer satisfaction. Anchor Risk was pleased with the quick response time and the team's ability to resolve issues promptly. Additionally, the support team's knowledge and willingness to assist with the API calls helped the company achieve its goal of automating several processes.
Cost Savings and Quick to Market
Anchor Risk didn’t entertain the idea of building their own reporting tool. Still they recognize that if they did, it would have taken a significant amount of time, potentially up to two years, and would have used up valuable resources. Wyn's implementation saved them about half a million dollars and provided a solution that met their needs quickly.
Once Anchor Risk got Wyn up and running, their first big initiative was to replace legacy reports so clients could run their own reports independently. Before the implementation, clients would call Anchor Risk to run reports for them. The company had to go through and pull CSV files into an Excel template, then send it out manually. With Wyn, end-users could run their reports independently while Anchor Risk maintained control over end-users' access. They gave the users parameter values such as dates or dollar amounts to filter their reports based on their needs.
The ability to quickly provide a comprehensive reporting solution to their clients was crucial for the company. With Wyn, the company was able to address their reporting needs efficiently and at a fraction of the cost it would have taken to develop a solution on their own.
Wyn's implementation saved us about half a million dollars.
A Lower Total Cost of Ownership
One of the significant factors that Anchor Risk considered when looking for a reporting solution was cost-effectiveness. Their legacy system, Crystal Reports, required concurrent access licensing slots to access the reports. Anchor Risk had to purchase five, ten, or fifteen slots at a time, which was not a feasible option for them due to the high cost.
Wyn's cost structure, which is flat-fee with unlimited licenses, was much more accessible and provided a lower total cost of ownership (TCO) for them. The ability to buy concurrent access licensing slots that met their needs at a lower cost was a significant factor in their decision to go with Wyn.
Anchor Risk recognized that the cost-effectiveness of Wyn was critical to their clients' satisfaction as well. As they exposed more reports, Anchor Risk would need to have more than five users on the system at a time, especially during closeout periods. This would have led to clients waiting for a license to become available, negatively impacting client satisfaction with the company.
Low TCO (was cost-effective for us), the support, ease of use, availability of the product, and how quickly we could get up and running with it. These were the primary consideration factors when we were shopping for a BI solution.
Easy Adoption and Ease of Use
One of the most significant advantages of using Wyn Reports for Anchor Risk was the ease of adoption and use. The drag-and-drop, web-based reporting with tables made it simple to use for the team. The company's primary focus was on tailoring reports based on the client's needs. Many of their reports were generated directly from the PDF, like financial reports with tabular information, and exported directly into Excel. Clients only wanted a spreadsheet that looked professional, which saved them time from not having to format CSV files.
Additionally, Anchor Risk needed to distribute professional-looking reports with their unique branded style, such as logos, color palettes, etc. Wyn Reports offered white-labeling capability right out of the box, which allowed them to set up a template with detailed information. Data visualization and graphs could also be included depending on their needs, and the reporting mechanism provided detailed information with graphs and charts.
According to Anchor Risk, implementation and report designing could not get any easier than Wyn Reports. The partnership with Wyn Reports allowed Anchor Risk to create and distribute professional reports with ease, saving them time and money while keeping their clients happy.
The drag-and-drop, web-based type reporting with tables make it easy to use.
From Outdated to Leading the Way
Ultimately, Wyn Reports was the perfect solution to Anchor Risk’s reporting needs. The solution helped them modernize their reporting system while at the same time providing excellent support to ensure a smooth implementation process. Anchor Risks appreciates the partnership with Wyn and to this day recommends them to other insurance companies looking for a simple and effective reporting mechanism.