Mutual Insurance Company

Mutual Insurance Company

How implementing cutting-edge data strategies helped a mutual insurer understand customer profiles, and saved50% time spent on preparing reports

Our client already managed several mutual insurance businesses, each with a small base of very profitable business clients. They decided to set up a new mutual insurance business, this time they would cater to consumers. They would quickly end up with a large volume of customers and manual reporting on such a large scale wasn’t possible. They wanted to know them and serve them well.

They had a number of challenges. Duplicate data in multiple sources with little data control and consistency. Reports were processed manually resulting in a tie up of valuable actuarial resources. Static reports were often delivered late, and there was no easy way of performing root cause analysis (drill down).

Our task was to automate manual reporting, design a solution that would centralise data, and provide a self-service dashboard.

 

The highly profitable solution was delivered using an agile methodology:

  1. Analytics Strategy–understood and documented the vision for data the business required, performed a current and to be state analysis, set out key recommendations, reviewed Analytics and data governance maturity levels and designed a roadmap for future gains, created an implementation approach and plan
  2. Gathered user requirements and analysis – worked with key stakeholders to define the questions that needed to be answered and the supporting decisions that needed to be taken. These were later translated into highly specific key performance indicators.
  3. Vendor selection – Selecting the right supporting analytics tools(we’ve optimised the current tools, and selected and implemented the right technology)
  4. Data discovery and governance – Consolidated and standardized data across disparate applications for consistency (master data management)
  5. Data Architecture –transformed the raw data into information so that it could be consumed by the Analytics tools.
  6. Implementation – Deployed a set of self-service dashboards to users
  7. Delivered User training and documentation

Benefits:

  • One version of the truth – confidence that figures reported were accurate and collated from a single source
  • Saved 50% time and money – 3 people in actuarial team spent half of their time preparing reports. Automated reporting removed that load and allowed them to go back to their actuarial activities.
  • Customized for different management levels – dashboards were built in a way that allowed them to be custom focused for the individual user. The board were able to see high level views of overall productivity, while departmental managers could see more granular levels of detail. This allowed each person to see the level of detail they needed to get their job done and meet their goals.
  • The power of data in the user’s hands to make timely decisions – users had access to insightful and actionable information at-a-glance, and made decisions and took action quickly. The need to request data from IT, wait for the data, manipulate the data, and then attempt to take action was eliminated.
  • Know your customer – by providing a single view of customer activity, the business was able to provide a personalised service to their customers which enabled them the opportunity to cross and up-sell services and products efficiently.