CASE STUDY

Enabling Accurate and On-Time Reporting by Uncovering the Business Value of Data for an Insurance Company in Indonesia

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At A Glance

INDUSTRY

Insurance 

OPPORTUNITY

To deliver a performance monitoring solution that aims to simplify the management system in conducting data analysis, and to speed up decision making.

SOLUTION

A data visualization solution that has the ability to analyze data comprehensively and convert it into graphs and charts. Data from multiple sources will be stored and accommodated within a database repository for processing before it is then connected to the dashboard application system for use by the relevant work units.

RESULTS

  1. Visibility and clarity of performance of the overall business
  2. A common unified data management platform as part of the overall data fabric architecture to manage automated and scheduled data provisioning for reporting
  3. A centralised, single-version of data to be used for organisation-wide reporting
  4. To be self-sufficient to support internal requirements

The Background

As one of the Indonesia BUMN insurance company, Insurer A has an important role in the economic development of Indonesia, especially in its role as a guarantor for credit channelled by banks to SMEs. Therefore, it is very necessary to have a performance evaluation carried out regularly for continuous improvement.

Currently the performance evaluation is carried out monthly through video conferencing; whilst information compilation is still done manually.

The Opportunity

As an insurance company that is committed to always focusing on improving service to customers and increasing customer satisfaction, as well as consistently running a good, prudent and responsible business, Insurer A requires a performance monitoring solution that aims to simplify the management system in conducting data analysis, and to speed up decision making.

This performance monitoring application system has the following objectives:

  • Provide convenience to Regional Offices/KCUs (in terms of time, method and consistency of presentation) to fulfil the material to be presented in the monthly performance evaluation video conference
  • As an early warning system for impending risks to the business’ performance and one of the decision-making references for directors and divisions/bureaus of the head office as well as regional leaders/branch leaders
  • At a later date, this application system can be applied for the benefit of all work units both at the Head Office and Regional Offices/Branch Offices

The display presented is in the form of data visualization (dashboards), thus enabling speedy & informed decisions making.

The Solution

This performance monitoring application system is a data visualization solution that has the ability to analyze data comprehensively and convert it into graphs and charts, so as to facilitate the management team in analyzing and monitoring performance evaluations. 

To build this application, it is necessary to design new database architecture by using the method of merging several data sources and then storing and accommodating it in a multi-dimensional database repository which has the ability to accommodate large capacity data.

From the database repository, the data that has been accommodated is then processed and connected to the dashboard application system that will be used by the relevant work units. The facilities and features managed by the application are the menus and facilities needed to analyze and monitor performance which includes Sales Visit, Realization by Sector, Realization by Progress, Financial Performance and Strategic Program Progress, which includes Target Marketing and Recovery Billing.

The Outcome

There are a total of 4 transformational outcomes accomplished.

i. Visibility and clarity of the performance of the overall business

 
Key Business Benefit
  • Improved visibility into sales activities, and lead-to-customer conversion
  • Improved monitoring and measuring of key business indicators against past performances for underwriting, claims, and recoveries
  • Clearer insight into earnings and profitability of overall relationship with agents/dealers/alternative channels/customers
  • Clearer insight into investments, assets and liabilities
Enablers – Technology / Services: IBM Cognos Analytics AI
 
Implementation Key Deliverable
  • Dashboards and dynamic reports for Underwriting, Claims, and Finance
  • Data model for multi-dimensional analysis
  • Forecasting capabilities
  • Natural language query capabilities
  • Data exploration with augmented intelligence capabilities

ii. A common unified data management platform as part of the overall data fabric architecture to manage automated and scheduled data provisioning for reporting

 
Key Business Benefit
  • Reduced time spent in ‘data-hunting’ ie. acquire, understand, and transform the data into a business-ready format
Enablers – Technology / Services: 
Implementation Key Deliverable
  • Data provisioning workflows that extract and transform data from multiple data sources such as databases and spreadsheets

iii. A centralized, single-version of data to be used for organization-wide reporting

 
Key Business Benefit
  • Reduced time spent to acquire and understand data
  • Eliminated data silos previously used for reporting
  • Improved information reporting consistency and alignment across all departments
  • Enhanced data centralization coming from multiple data sources with different data formats (structured & semi-structured)
Enablers – Technology / Services: MS-SQLSvr
 
Implementation Key Deliverable
  • Data warehouse consisting of the staging and presentation areas
  • Dimensional tables
  • Fact tables

iv. To be self-sufficient to support internal requirements

 
Key Business Benefit
  • Reduced vendor dependency
  • Reduced vendor support charges
  • Maximized staff utilization
  • Better alignment and communications between business and technical teams
Enablers – Technology / Services: 
  • Training provided to technical team to support the applications delivered
  • End-User training provided to support additional reporting and dashboarding requirements
Implementation Key Deliverable
  • Technical training
  • End-User training

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