The insurance industry heavily relies on data to deliver efficient services, manage risk, and make informed business decisions. Recognizing the potential of big data analytics, a major insurance provider embarked on a transformative journey to enhance its data infrastructure. With the objective of improving operational efficiency and reducing costs, they sought the expertise of Proclarify, a leading technology solutions provider specializing in big data migration.
Hours delivered back to the business
SOX compliance in Settlement process automation
Success rate of bot case completion
For functional release of OBT, RTS and OGS
The Challenge
The insurance provider faced several challenges with its existing data infrastructure, hindering its ability to leverage data effectively. These challenges included:
- Inefficient Data Storage: The insurer had accumulated vast amounts of data over the years, leading to storage limitations and slower query processing times.
- Legacy Systems: The company’s outdated systems and applications lacked the capability to process and analyze large volumes of data efficiently.
- Cost Overruns: The existing data infrastructure incurred high maintenance and operational costs, impacting the company’s profitability.
What did
Proclarify do
Proclarify analyzed the insurance provider’s existing infrastructure, identified pain points, and proposed a comprehensive big data migration strategy. The key solutions provided by Proclarify were:
- Scalable Cloud Infrastructure: Proclarify recommended migrating the insurer’s data to a scalable cloud platform, ensuring cost-effective storage, enhanced processing capabilities, and improved accessibility.
- Data Consolidation and Integration: Proclarify implemented a robust data consolidation plan, enabling the insurance provider to integrate disparate data sources and create a unified view of information for analysis.
- Data Governance and Security: Proclarify designed and implemented stringent data governance and security protocols to protect sensitive customer information and comply with industry regulations.
- Advanced Analytics and Machine Learning: Proclarify incorporated advanced analytics and machine learning techniques into the data migration process, allowing the insurer to gain valuable insights, streamline operations, and make data-driven decisions.
The Results
- Implementation and Results: The big data migration project was executed in a phased manner, ensuring minimal disruption to the insurer's operations. As a result of Proclarify's solutions, the insurance provider achieved the following outcomes:
- Over 30,000 hrs delivered back to the businessa. Cost Savings: By migrating to a cloud-based infrastructure, the insurance provider reduced operational costs by $750,000 per month. The elimination of on-premises infrastructure and associated maintenance expenses contributed significantly to the cost savings.
- 100% SOX compliance in Settlement process automation b. Improved Efficiency: The optimized data infrastructure enabled faster data processing, resulting in improved efficiency in claims processing, underwriting, and policy administration.
- SDK delivered for native platforms, enabling Virtual & Live agent communications across multiple mobile platforms Enhanced Data Accessibility: The migration to a cloud platform provided employees with secure, real-time access to critical data, enabling faster decision-making and improved customer service.
- Predictive Insights: Leveraging advanced analytics and machine learning algorithms, the insurer gained predictive insights into customer behavior, enabling targeted marketing campaigns, risk assessment, and fraud detection.
