Precisely > Case Studies > End-to-End Data Quality Across the Enterprise for a Top 10 Property and Casualty Insurer

End-to-End Data Quality Across the Enterprise for a Top 10 Property and Casualty Insurer

Customer Company Size

Large Corporate

Region

America

Country

United States

Product

Precisely Data360

Tech Stack

Data Analysis
Integration Platforms

Implementation Scale

Enterprise-wide Deployment

Impact Metrics

Customer Satisfaction
Productivity Improvements
Digital Expertise

Technology Category

Application Infrastructure & Middleware - Data Exchange & Integration
Analytics & Modeling - Data Mining

Applicable Functions

Business Operation
Quality Assurance

Use Cases

Regulatory Compliance Monitoring

Services

System Integration
Software Design & Engineering Services

About The Customer

The customer is one of the United States' top 10 underwriters of property and casualty insurance, with millions of customers. The company has a long history and a special focus on leveraging leading-edge technologies to compete in the automobile insurance market. The insurer's operations are supported by legacy systems that have grown significantly over time. As a large corporate entity, the insurer deals with a wide variety of systems and platforms, both old and new, requiring integration and synchronization to ensure smooth operations. The company is committed to maintaining high standards of customer satisfaction and service, while also ensuring compliance with regulatory requirements. With a focus on innovation and growth, the insurer seeks to enhance productivity and apply labor towards more growth-oriented business activities.

The Challenge

The insurer faced challenges with legacy systems that had grown to tens of millions of lines of source code. These systems needed to integrate with newer open systems, creating a complex environment with numerous information risk points. The insurer required a scalable solution to handle its information-intensive operations, including policy issuance, billing, cash management, and claims processing. Additionally, the insurer needed to support a segregation of duties policy with business rules designed independently of application development teams. Thousands of business rules needed to be authored and maintained, requiring a data analysis solution that was sustainable, flexible, and easy to use. The insurer also needed to quickly codify information integrity rules to match complex regulatory and business requirements, while integrating with existing data formats, platforms, systems, and applications.

The Solution

The insurer selected Precisely Data360 for its expansive variety of analysis types, ease of use, and non-intrusive implementation. Precisely solutions were implemented across application areas, between integrated applications, and throughout enterprise-wide business processes. The solution provides automatic, independent, and continuous assurance of information processed by the insurer's business applications and processes. Precisely analysis detects significant information errors, halting further processing and alerting the appropriate team. Less severe errors may proceed while an investigation ensues. The analysis dashboard provides management with a quick synopsis of execution results, offering insights into operations and trends. Precisely solutions support various business processes, including customer quotation, cash balancing, data warehouses, refunds, bad debt reserves, electronic funds transfer, policy issuance, lockbox, premium balancing, general ledger, cash disbursements, credit card payment processing, and regulatory compliance. The solution scales to equip the insurer with over 10,000 analysis points, ensuring the integrity of millions of transactions daily.

Operational Impact

The insurer observed hundreds of cases where Precisely business rules replaced detailed, repetitive, and error-prone manual balancing and reconciliation activities.
By freeing up operational, financial, and IT analysts from tedious manual efforts, the insurer enhanced productivity and applied labor towards more growth-oriented business activities.
Management gained visibility into micro and macro-level business trends through Precisely analysis reports and dashboards, enabling focused efforts on identifying and correcting chronic processing errors.
Internal and external audits became more streamlined due to online, verifiable audit trails that enable rapid analysis baselines, walk-throughs, and testing.
Precisely analysis scales to equip the insurer with more than 10,000 analysis points spread throughout their enterprise, assuring the integrity of millions of transactions each day.

Quantitative Benefit

Improved customer satisfaction and service by assuring the trustworthiness of invoices, statements, quotes, and insurance binders.
Ensured properly-functioning business processes by enabling tracking of information through transaction lifecycles.
Higher confidence in the integrity of the information that appears in management and financial reporting.