Driving Better Business Decisions Through Data Access in Microsoft Azure

Enter Centric: A Custom Solution Deployed in Months, Not Years

After years of expertise in the insurance industry, Centric created its Insurance Analytics Platform (IAP). Our IAP is unique because of its series of accelerators. Accelerators are foundational components that are common to most insurance applications. Upon this structure, we build customized components and deploy solutions in record time and at a much lower cost.

In a few short weeks, as part of a proof-of-concept phase, we rolled out two of our IAP Claims dashboards in PLM’s Azure environment and set up nightly data refreshing. As a result, PLM experienced firsthand the power of data visualization. Plus, nightly data refreshing was a long-sought feature.

Impressed by what they’d seen, PLM asked Centric to implement our full IAP solution – moving nearly 10 years of detailed data into a data lake, data warehouse and dashboards – for PLM’s two Policy systems, their Claims system, Customer Relationship Management (CRM) system, Reinsurance system, and General Ledger. We deployed an entire custom solution in nine months while working remotely with PLM.

While accomplishing these technical feats, we also addressed an aspect often forgotten in the process: the people. To facilitate IAP adoption, PLM supplemented the project with a dedicated expert from Centric who focused on change management and training. All PLM departments were involved from the start and throughout the project.

We educated stakeholders and gathered their feedback throughout the development cycle. By production time, being part of the journey, everyone was enthusiastic and ready to hit the ground running.

The Results: Data Visibility Drives Better Business Decisions

PLM made crucial discoveries about its business as a result of our engagement. With gross and net profitability finally available at the individual policy level, insights quickly surfaced around the actual profitability of specific products in certain markets and geographies.

With Centric’s IAP dashboard visualizations, PLM can see the data in a way that answers vital business questions, such as:

• How quickly are we turning around claims?
• How well are we doing at estimating and reserving the cost a claim incurs?
• Are we underwriting good business, or do we need to make changes to guidance?
• Are we taking care of customers efficiently and in a financially prudent way?
• How are employees doing with the claims process?
• Do we need to provide additional training?

In summary, our solutions granted PLM increased efficiency in managing claims and reports and better functional reporting that offered not only a solid foundation to modernize the remainder of PLM’s data structure but also the opportunity to rationalize other obsolete systems and applications.

PLM now makes decisions based on data they previously either could not access at all or could not access with a frequency that allowed for more timely business decisions. Today, the power of this data reaches into all departments within the organization, improving decisions with less effort across the company.

Do you have questions about implementing a data visualization solution? We have seasoned subject matter experts who can help you navigate these concerns.

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