Life Insurance Data Modernization for Financial Management And Strategy

Synopsis

Insurers depend on high-quality data for all their decisions, whether in terms of product development, marketing, pricing, customer selection, behavior analysis, or overall optimization of portfolios. Data is critical to solving challenges such as persistent low-interest rates or deteriorating mortality margins. Our client wanted to implement a high-performance centralized conformed data repository to enable analytics and intelligence across business areas. Our cloud-based data management solution combined with deep domain knowledge helped our client establish an agile data management environment delivering significant financial benefits.

About the Client

The client is a top 10 life and annuity insurer in the US.

Business Challenge

The client wanted to implement a high-performance centralized conformed data repository to enable reporting, what-if analysis, customer intelligence, adhoc analysis for the reinsurance, valuation, actuarial and financial planning functional areas. Recording data integrity and reconciliation of data in various stages were required to automatically validate the integration process.

Key business challenges faced by our client:

  • Low-interest rates resulting in reduced profitability
  • Stagnant premium growth
  • Lower reinsurance margins
  • Deteriorating mortality margins
Save for Later Download Case Study

Our Solution

Coforge formed a cross-functional agile team to deliver several key new capabilities. The solution had to ensure data from multiple policy administration and claims systems to conform.

Key aspects of the solution delivered :

  • Implementation of AWS cloud-based conformed data solution leveraging Redshift for Data Mart and Oracle for Data Warehouse
  • Design, development, testing, and implementation of highly scalable ETL solution leveraging Informatica BDM
  • Sourcing of data from Policy Admin, Claims, Valuation, Reinsurance, Financial and Underwriting systems
  • Historical data load, Reference Data Management, Automated Reconciliation, and data integrity

Delivering More Value

  • Delivered centralized and conformed data repository for Life Business
  • $4mn saving through reinsurance favorable outcome
  • $1.5mn incremental earning by optimizing product mix and market positioning
  • $1.7mn margin preserved through enhanced policyholder retention strategy
  • $2mn reduction in labor expenses