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Accelerating adoption of external data management for insurance

One of the worlds largest insurers moved past experimentation and into business value delivery by leveraging Demyst’s expertise to accelerate use case development, data discovery and deployment.

Background

The value proposition for external data in the insurance industry is widely known but challenges exist both externally and internally to adoption. This is especially true for large enterprises trying to coordinate external data adoption across multiple product lines and multiple geographies in a safe, compliant and cost-effective way.

Many organizations find themselves lost in a seemingly never-ending journey of trying to understand the art of possible, map out all the potential use cases, prioritize them, coordinate numerous stakeholder groups and deliver proof of concepts without progressing into live production solutions.

This case study illustrates how a global insurer solved this challenge by partnering with Demyst to:

• evaluate over 120 data providers;
• define over a dozen use cases; and
• deploy use cases in under 6 months.

With this strong foundation set, the client is now deploying an extensive roadmap of use cases across multiple product lines and markets in a consistent and compliant manner.

Situation

Client had a strategic imperative from the global CEO to better utilize external data to improve underwriting decision and customer experience. However, operating a diversified portfolio in 38 markets with varying levels of business and IT maturity posed a significant challenge which includes availability, coverage, consistency and regulatory constraints.

Client had limited data for decision making:

• Which markets to prioritize?
• Which use cases to prioritize?
• What data is available?
• Which data providers are reliable?
• What governance to put in place?
• What technology to use?

Approach

We deployed a team with deep knowledge across Americas, EMEA and APAC to work hand-in-glove with key stakeholders in the region across business operations, data and analytics, technology and governance to:

• Run workshops to unpack core pain points and success metrics for the greatest return on investment
• Conduct data discovery to identify the right suite of data providers fitting the appetite and budget for data
• Utilized an iterative approach for rapid evaluation and prototyping that proved value with minimum investment, reducing analysis paralysis
• Deployed solutions and technical build that serves as reusable building blocks, easing reusability

The client was able to utilize best-in-class technology practices and skills to deliver valuable outcomes and accelerated time to value for the business.

Solutions Delivered

Example Use Cases

• Application prefill
• Renewal optimization (cross-sell / upsell / churn management)
• Backfill for risk modelling
• Customer profile enrichment

Customer Outcomes