Case Study:
Insurer consolidates all data sources into consolidated Insurance Data Warehouse.
The Challenge
A diverse and complex insurance organization leveraged an existing Data Warehouse that did not include all its required data sources. The age and complexity of their Data Warehouse made it very difficult to add new sources of data attributes.
A highly manual process thus evolved to combined data from the existing Data Warehouse with multiple other sources of data across the enterprise.
Both financial closing timelines and the ability to efficiently pull together accurate and reliable management information was impacted by their legacy systems architecture.
The Result
Phinsys built a one-time feed from the existing Data Warehouse environment to the new consolidated Phinsys Insurance Data Warehouse. Data sources previously consolidated manually, whether they were bordereau, other source systems or Excel spreadsheets, were then automated and loaded into the Phinsys Warehouse. A centralized single source of insurance data has enabled this insurer to reduce closing cycles by 5 days with a higher confidence level in the quality of the data.
Staff previously assigned to consolidating data sources were instead retrained to leverage this data via new business intelligence solutions.
“Routing new data sources to the Phinsys Data Warehouse has given our team the ability to address technical debit with our existing architecture.”
“Our prior close process was highly manual and worsened as the business expanded – we now have a scalable solution that has allowed us to reduce close cycles and feel comfortable with the process that produced our financial results.”