The client, one of the leading life insurance companies in Australia, was struggling to get a consolidated view of their business’s performance and contributions from their partners. Due to the dependency on manual processes, for fulfilling existing reporting needs, there was a massive lag in information delivery.
The business was also taking support from external consultants for their regulatory data processing needs.
Due to inefficiencies like manual interventions and having additional support coming from external consultants, the client was finding it difficult to meet the regulatory reporting timelines mandated by the regulator.
INGRITY helped the client in building a central warehouse which can consolidate data from all the client sources. The warehouse is first targeted at consolidating policy details including premium calculations, tracking policy stages, re-insurance premium calculations, partner performance etc. The team also studied the data processing rules used by the external consultants and embedded them in-to the data warehouse insight layers. The solution is targeted to slowly consume underwriting and claims information too and becomes a single source of truth for the business
With the availability of central data warehouse system, the client begins to realize the following benefits:
