OPTIMIZED data integration, centralized reporting, and self-service tools
ACHIEVED cost savings and operational efficiency improvements
EMPOWERED client with enhanced reporting capabilities for strategic decision-making
Client
U.S.-based specialty insurance distribution company, offering products across multiple specialty lines, and currently writing over $500 million in GWP
Scope of Work
Data warehouse consolidation; creation of a Reporting Center of Excellence
Geography Serviced
North America
Industry Serviced
Insurance
Client’s Challenges
Fragmented and disparate systems leading to data integrity issues and multiple versions of truth impacting consistency in decision-making
The U.S.-based specialty insurance distribution client was facing challenges due to fragmented data systems, integration issues with newly acquired entities, and inadequate self-service reporting solutions. The lack of a unified data source undermined its consistency, preventing a reliable ‘One Version of Truth.’ Additionally, there was a need for standardized reporting across all product lines, entities, and teams to enhance compliance, decision-making and operational efficiency.
Impact Generated
The automated, self-service reporting solutions brought both cost benefits and improved experience:
- Cost benefits:
- 15% reduction in staff
- Aggregate savings of more than $5M in 3 years
Cogneesol’s Solution
Created business intelligence center of excellence (CoI).
The crying need was data integration, centralization, standardization. Cogneesol’s Insurance and Data teams charted out a two-pronged solution:
Phase I:
- Data integration: We achieved this by consolidating and streamlining disparate data sources to establish a unified version of truth
- Data warehousing: The next step was to centralize the data through advanced data warehousing to ensure comprehensive access and management
- Standardization: With integration and centralization firmly in place, we implemented standardized reporting formats across all brands, regions, and teams to maintain consistency and improve decision-making
Phase II:
- Self-service tools: In phase II, Cogneesol developed and deployed advanced reporting tools and dashboards for user-friendly analysis of key data metrics
- Underwriter Scorecards: We also created performance scorecards using business intelligence tools to evaluate underwriters based on specific criteria
Future-state:
As a result of continuous monitoring, evaluation of underwriter performance, and maturity of the BI models, we are now able to identify high and low performers, optimize underwriter allocation and management. Insights from these scorecards assist in targeted strategies, timely adjustments and proactive management.
