Today’s insurance providers face unprecedented volume, variety and velocity of data. This is both powerful and daunting. Many organisations recognise the power of this data, but are overwhelmed by how to use it to make effective business decisions. The analogy we use is that providers are facing a deluge of data.
Like water, the data can pour in and quickly flood the business, leaving it unable to stay dry and execute. On the flip side, like a good rain in a drought-stricken area, this big data deluge can be transformational and necessary to sustain and grow a business. The key is to learn how to make the deluge work for you.
Insurance claims management is directly impacted by this big data deluge. One of the most pressing issues is the massive amount of customer claims data accumulating in different systems. The result is data silos and no reliable, single source for customer-centric claims data. This makes it extremely difficult to gather leading-edge data and analytics that could help improve claim performance. In this scenario, no one wins.
The CSAA Insurance Group faced this very issue. Through the years, it had amassed a significant amount of claims data, but it remained difficult to collect and utilise. The information existed in five separate legacy claims applications, and there was no way to get an enterprise-wide view. For this reason and more, CSAA Insurance Group decided to migrate all claims data to Guidewire ClaimsCenter.
CSAA Insurance Group turned to data and analytics solutions and services company, Saama, for guidance through the claims data conversion project. Saama had experience with conversion to both Guidewire and Exigen ClaimCore. Using their innovative One-Two Punch methodology, Saama enabled two key objectives to happen in close succession: Conversion of claims data to single, enterprise-wide system via a data warehouse, and set up of claims data warehouse for analytics reporting.
As a result of this approach, CSAA Insurance Group was able to reduce the overall implementation cost by 50 per cent and complete the project in record time.
Like CSAA Insurance Group, insurance providers need to harness the deluge to ensure a robust claims management experience. Doing so can have numerous positive benefits for their business.