Financial Services & Insurance case studies
Standardizing Product Lines using MDM
[CUSTOMER] A financial services firm
[BUSINESS NEED] Duplicate product names and inconsistent product naming
The company was going through a growth period, adding 2-5 new companies to their portfolio per quarter. They struggled like most to onboard all new acquisitions to their current systems. One major strain was having duplicate product names as well as inconsistent product naming in their different systems.
Data Management & Analysis on Azure
[CUSTOMER] A business-to-business-to-consumer life & health insurance company
[BUSINESS NEED] Data quality management and quality checks
The company needed to identify ad-hoc solutions to produce weekly results and reports to its partners, set up IT best practices as the company matures, and adopt the right data analytics tools across different departments. Moreover, the company required assistance with setting up a data lake solution for data management across multiple teams.
Open Source Migration, Architecture & Analysis
[CUSTOMER] A large provider of annuities and life insurance in the United States
[BUSINESS NEED] Increase in cost due to expensive software like SAS or SPSS
Traditionally companies have used software like SAS or SPSS for their analytic workloads and even for data loading and data munging. While these tools have been dominant in the data science domain for a while, open source tools, are becoming more mature, have deeper statistical and machine learning libraries, and the talent pool is increasing significantly.
View a list of our Financial Services & Insurance Solutions
Estimation of Price Elasticity for New Customers in Home Insurance
[CUSTOMER] A large provider of home and car insurance in the US
[BUSINESS NEED] A more demand-based approach for pricing, based on the increase in competition in the insurance market.
Estimating the elasticity of price during insurance purchase and renewal is very crucial for insurance companies. It is not practical to offer multiple prices to a consumer, and thus the best solution is to estimate the elasticity using data science methods based on quotes data.
Leveraging Improved Speed & Immutability of a Data Lake
[CUSTOMER] An automobile insurance company
[BUSINESS NEED] A cumbersome and slow Enterprise Data Warehouse (EDW) solution which adhered to a stringent set of schemas
The company needed a way to ingest data from various sources & house it in an easily accessible repository. Following this, they also needed to transform the data, storing business-critical metrics & KPIs in data marts, which would then be utilized by business users for analytics, visualization, & advanced data science activities.
Open Source Migration
[CUSTOMER] A large provider of home and car insurance in the US
[BUSINESS NEED] Better models to make predictions to improve business processes
The company had an existing process of cleaning and preparing data from 2 major service lines and some other external data to run some machine learning models. The process of data preparation was done using a proprietary technology. The models were to make predictions to improve business processes and decisions.
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