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Delivering Fast and Accurate Reports for a Leading Insurance Firm

Delivering Fast and Accurate Reports for a Leading Insurance Firm

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Delivering Fast and Accurate Reports for a Leading Insurance Firm

Synopsis

How can you ensure that reporting as an effective tool enables accelerated growth while upholding regulatory compliance? Our effective enterprise information management system driven by new ideas ensured this by bridging the gap between an organization’s strategic aspirations and reporting capabilities. Using our future-focused system, we delivered significant business value—enabling the client to make informed decisions from a strategic, operational, and financial perspective.

About the Client

A leading insurance firm, the client offers insurance and reinsurance products to commercial enterprises. With a steady growth over the last 30 years, they were committed to maintaining their position as an industry leader.

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Business Challenge

The client’s existing systems and practices were under immense pressure due to increased regulatory demands, which hampered their ability to grow seamlessly and respond efficiently to business requirements. Their IT environment was such that data was distributed across various platforms and technologies. This made it difficult and expensive to manage the growing complexity, number, and frequency of reporting requests. It was time-consuming to support and maintain these requests due to inconsistency in data and fragmentation throughout the organization.

Delivering Fast and Accurate Reports for a Leading Insurance Firm

The client sought an enterprise-wide data warehouse to remove inefficiencies caused by increased reporting requirements. We were chosen as preferred partners for this engagement, given our global capabilities and deep expertise in robust, accessible reporting with tight data governance and flexible analytical capability.

Our Solution

Through a series of requirement elaboration workshops, we defined reporting challenges and functional needs in the context of the client’s overall strategic direction. Next, an implementation plan steered the first phase from design to development.

TWe recommended a single, accessible, and transparent reporting environment to deliver fast and accurate reports with the scalability and flexibility to meet the future needs. Our solution consolidated data from various source systems through the data transformation process.

In the second phase, we delivered a full strategic reporting system—Acumen, a data warehouse system—to reduce redundancies, overlaps, and efforts. Acumen also supported specific requirements of the client such as producing proforma regulatory reporting.

We architected the solution around the key principles of an enterprise solution. The client’s reporting environment was rationalized by our domain and technical experts to extend the solution to a full enterprise-wide data warehouse. It included a tailored reporting layer that extracted data from Acumen and delivered it in the format required by the user

Delivering Fast and Accurate Reports for a Leading Insurance Firm

Delivering More Value

The extended utilization of Acumen insurance data warehouse delivered the following business benefits to the client:

  • More Effectiveness: We provided more accessible and centralized reports to gain comprehensive visibility, demonstrate compliance, decrease administrative burden and costs, reduce total cost of ownership, and assess business risks in real-time.
  • More Agility: The reports generated showed accurate data in real-time.
  • More Efficiency: The implementation of Acumen has enabled the client to generate all financial reports including audit and compliance reports, improving transparency and data quality.
  • More Flexibility: The solution provided a scalable approach that met the ad-hoc and changing demands of the client.

The NIIT Technologies Advantage

Our enterprise-wide data warehousing capabilities enabled the client to create powerful, automated, and strategic reports—generating error-free data— in real-time.