A major investment and insurance company headquartered in Connecticut, US, our client is one of the largest property and casualty company that through its subsidiaries, provides insurance and financial services to individual and business the clients. The client sells their products primarily through a huge network of agents and brokers. They operate through segments such as commercial lines, personal lines, group benefits, mutual funds. Some of the many insurance products that the client sells, include auto and homeowners’ insurance, business insurance, mutual funds, etc.
The client strives to deliver industry leading property and casualty insurance, group benefits and mutual funds to their customers, create diverse culture for employees, excellent financial performance for their patrons, and foster healthy community engagement.
Falling back on legacy data reporting solution resulted in slow decision making
The ability to significantly improve data gathering from multiple sources and producing comprehensive reports are at the heart of any insurance system’s transformation process. However, inadequate coordination between data sources and report generation platform can significantly derail such an organization from their goal track. With similar concerns, the client charted out their requirement for a robust data delivery platform that could facilitate an agile data gathering workflow framework complemented with smart reporting capabilities.
As a part of their legacy system, the client was using several data integration methods for report generation and distribution. These methods included custom reports, data pull/push using SQL, on html canned and adhoc reports using /SAP/ BO & SSRS. All these channels required considerable amount of development effort.
The organization wanted a dynamic solution that could help their sales representatives and managers develop and print complete set of reports in .pdf format derived from data captured from multiple data sources. The compiled set of reports would ease decision making and help sales team forecast sales trends, and monitor claim activity, profitability, etc.
Use of obsolete technologies: The legacy system used by the client generated HTML reports, was time consuming and failed to catch up with required, new analytics strategies. The actual report compilation, generation and delivering process was a cumbersome process with reliance on obsolete technologies.
Data stored in multiple applications: The client wanted a complete, modern, and easy to use solution that could process data, and present and deliver reports such as profitability calculations, claims data, sales data, organizational data, on single platform to be accessed by sales representatives and managers. The source data resides in multiple databases and is used across several applications. To consolidate, correlate and present unified view of data (in the form of reports) from different sources was challenging and time consuming. Integration process was manual and error prone. The solution needed to be focused around assisting sales team improve their decision-making with comprehensive reports and empower them with robust self-service data delivery BI platform.
Comprehensive data and report delivery platform facilitates timely, easy-to-comprehend reports that intensifies decision-making
The client strongly believed in the power of a robust data delivery and reporting service platform. They saw it as a host of opportunities to improve competitive posture, reduce costs, and inculcate a culture of informed decision-making. After witnessing other successful data modeling and solutioning implementations performed by Persistent for other leading insurance companies, the client trusted Persistent to deliver a comprehensive, fully integrated data delivery and report delivery platform that addressed the client’s various business intelligence, reporting, and decision-making needs.
In purview of stated solution requirements, Persistent devised a solution that could smoothly integrate with third party or custom developed applications and servers such as SQL and Oracle Database server. The platform is helping the client in consolidating data on single platform and distribute same data efficiently through multiple channels.
The solution reduces total cost of ownership, is built on insurance technology standards, and facilitates overall business agility. With efficient reporting, the solution framework has been helping them meet their short-term and long-term business goals.
High scalability with speed: The system has been successfully load tested to create 90,000 pdf reports per hour. The platform, in 2016, has delivered more than 500,000 reports. The platform is highly scalable and would not require any major investment to bring in additional users.
Independent source data points: The platform is built as a data-less application and powers users to establish connections with multiple data sources without any hassle. Users can create queries and can bundle output of these queries as one pdf report.
Smart, comprehensive, and visually appealing reporting: Persistent delivered a comprehensive data delivery and report delivery platform where data is subscribed by various applications either through real-time web-service calls or by using batch data. Post that, the system delivers processed data (in form of reports) in several formats such as like csv, pdf, xml, json, or SQL.
The end user can leverage and design the reports as per their need. Our team re-designed the report layouts in a user-friendly interface and added appropriate charts and graphs, which now helps user to quickly make sense of the data. The reporting application delivers reports online and helps the clients to self-serve their various canned reports, hence saving costs, time, and effort involved in generating and distributing reports. The analytics tool help sales workforce instantly creates powerful insights for better decision making.
System’s architecture allows this platform to seamlessly integrate with several existing external applications and hence saves data distribution cost and data integration efforts. The new data distribution platform is fulfilling the reporting needs of approximately 30,000+ agencies and 1,000+ sales and underwriting professionals across the States.
The client appreciated the agile development methodology and our commitment to deliver the solution in record 90 days. We helped the client immensely benefit from the powerful data and reporting workstream, which helped them channelize their enterprise-wide data governance initiatives. Users are designing reports with data insights within 2-3 hours which helps them quickly present to business leaders for approval.
