Helping a Global Insurance Leader see Clearly: A Story of Data (Visibility) Integration and Broker Performance Insights
A global powerhouse in risk management
Our client, a leading insurance provider from North America, empowers its customers to confidently navigate complex risks.
A global powerhouse in risk management
Our client, a leading insurance provider from North America, empowers its customers to confidently navigate complex risks.
Their extensive portfolio caters to a wide range of needs, offering specialty, commercial, personal, and even crop insurance solutions. Their unwavering commitment lies in helping clients focus on their core business while the insurance provider takes care of the unexpected.
Untapped potential in broker performance data
Despite their market success, our client identified an opportunity to gain deeper insights into their broker network's performance. Valuable data resided in two separate systems – the policy issuance system and the agency system. However, this data remained siloed, hindering a comprehensive view of broker effectiveness. This lack of integrated data made it difficult to:
Assess book of business
They couldn't readily analyze the types and volume of policies each broker was generating.
Evaluate sales performance
Measuring individual broker sales success and identifying top performers was a challenge.
Gauge profitability ratios
Understanding the profitability generated by each broker relationship proved cumbersome.
Gain claims overview
Obtaining a clear picture of claims activity associated with each broker was not readily available.
Next steps: Building a C-suite dashboard for informed decision-making
Our team collaborated with the client to develop a custom solution. The plan involved:
Data integration:
Creating a data lake to house and unify data from both the policy issuance and agency systems.
Data modeling:
Building a robust data model to transform and prepare the integrated data for analysis.
C-suite dashboard design:
Developing an interactive dashboard specifically tailored for C-suite executives.
The envisioned dashboard would provide crucial insights with drill-down capabilities, allowing executives to:
Double-click on book of business:
Deep dive into the specific types and volume of policies each broker manages.
Analyze sales performance:
Easily identify top-performing brokers and track individual sales trends.
Uncover profitability ratios:
Gain a clear understanding of the profitability generated by each broker relationship.
Access claims overview:
Obtain an immediate view of claims activity associated nwith each broker.
Indium's data integration expertise: Unlocking broker performance insights
Our client's need for a unified view of broker performance data called for a robust data integration solution. Here's how Indium's expertise addressed the challenges:
Mapping the data landscape
We began by meticulously understanding the existing data flows ("AS IS") from the policy issuance and agency systems into the designated data platform (data warehouse or data lake). This comprehensive mapping exercise ensured a seamless data integration process.
Defining success metrics
Next, we collaborated with the client to identify and define key performance indicators (KPIs) crucial for evaluating broker performance. This collaborative approach involved creating visuals and templates to ensure clear communication and gain business buy-in on the chosen KPIs.
Building the data pipeline
Indium's team then designed, developed, and implemented a robust data pipeline. This pipeline encompassed data extraction from both source systems, data transformation, and thorough testing and validation procedures to guarantee data accuracy and integrity.
Data modeling for enhanced analysis
We built a new data model specifically tailored for the integrated data set to facilitate efficient analysis. This data model organized the information to optimize performance and enable insightful reporting.
C-suite dashboard design with Power BI
Leveraging the power of Microsoft Power BI, we constructed a user-friendly C-suite dashboard. This interactive dashboard drew upon the data residing within the data lake, made accessible through the data models we created.
A streamlined user experience
The designed dashboard comprised a maximum of 2-3 pages, each containing a focused selection of 5-7 KPIs and visuals. Additionally, we incorporated 2-3 slicers to empower users to filter and segment the data for deeper analysis.
Double-click drill-downs
To allow executives to delve deeper into specific
areas, we implemented a "Double-Click"
functionality for each KPI category. This allowed
users to explore granular details with just a click.
Multidimensional insights
The dashboard offered a multidimensional view of each KPI, enabling analysis based on various criteria such as product line, distribution channel, geographic location, and time period.
Time-based analysis
We further enhanced the time-based analysis capabilities by incorporating metrics like month-to-date (MTD), quarter-to-date (QTD), and year-to-date (YTD) comparisons. Additionally, the dashboard offered functionalities to visualize trends, seasonality patterns, and comparisons with previous years.
Quantifying the value of data-driven decisions
The impact of our solution went beyond creating a fancy dashboard. Here's how Indium's data integration expertise truly made a difference for our client:
3x faster broker analytics
Gone are the days of struggling to analyze broker performance. Indium's solution streamlined the process, enabling executives to gain insights into broker effectiveness three times faster. This agility empowers them to make timely decisions and optimize their broker network.
Over 30% cross-sell and up-sell potential
The newfound clarity into broker performance revealed a significant opportunity for growth. By identifying brokers excelling in specific areas, the client can leverage their expertise to drive targeted cross-selling and up-selling initiatives, potentially unlocking over 30% additional revenue potential.
Executive dashboard in 4 weeks
Indium delivered a user-friendly C-suite dashboard in a mere four weeks. This rapid turnaround time ensured that critical decision-makers had access to the insights they needed quickly.
2x faster build and deployment
Our efficient data integration approach resulted in a build and deployment process that was twice as fast as traditional methods. This saved the client valuable time and allowed them to reap the benefits of the solution sooner.
About Indium
Indium is an Al-driven digital engineering company that helps enterprises build, scale, and innovate with cutting-edge technology. We specialize in custom solutions, ensuring every engagement is tailored to business needs with a relentless customer-first approach. Our expertise spans Generative Al, Product Engineering, Intelligent Automation, Data & Al, Quality Engineering, and Gaming, delivering high-impact solutions that drive real business impact.
With 5,000+ associates globally, we partner with Fortune 500, Global 2000, and leading technology firms across Financial Services, Healthcare, Manufacturing, Retail, and Technology-driving impact in North America, India, the UK, Singapore, Australia, and Japan to keep businesses ahead in an Al-first world.
