Our client is a prominent global insurance provider offering a broad range of financial and insurance services to millions of customers. The company manages massive amounts of data, from customer claims to risk analysis, across various divisions such as life, health, auto, and property insurance.
Hours delivered back to the business
SOX compliance in Settlement process automation
Success rate of bot case completion
For functional release of OBT, RTS and OGS
The Chalange
The client faced inefficiencies and escalating costs due to legacy data management systems that hindered its ability to handle massive amounts of data across multiple lines of business. The manual processes in place slowed down the processing and analysis of customer claims, fraud detection, and risk assessments.
Additionally, increasing industry regulations and customer expectations necessitated a more agile approach to data handling. The client aimed to reduce operating costs, improve processing speed, and meet regulatory compliance by migrating their legacy systems to a big data platform.
What did
Dappstacks do
DappStacks partnered with the insurance provider to streamline their operations through a full-scale big data migration. The solution involved:
Data Migration Strategy: DappStacks designed a detailed roadmap for migrating the company’s legacy data infrastructure to a modern cloud-based big data platform. This involved identifying the most critical systems, securing data, and ensuring minimal downtime during the migration.
Cloud-Based Big Data Solution: We leveraged Amazon Web Services (AWS) and Hadoop to implement a cloud-based big data architecture. This allowed the client to manage petabytes of data with enhanced processing speeds, more flexibility, and significant cost savings.
Automation of Claims and Risk Processing: The platform automated processes such as claims handling, fraud detection, and risk assessment. By reducing manual intervention, the company was able to process claims faster and with fewer errors, leading to higher customer satisfaction.
Advanced Analytics for Better Decision-Making: With a big data platform in place, DappStacks enabled the client to utilize advanced data analytics tools. This provided real-time insights into customer behavior, risk profiles, and claims processing trends. The analytics capability also helped the client identify and reduce fraudulent claims.
Compliance & Security: We ensured that the platform was fully compliant with industry regulations such as GDPR, PCI-DSS, and SOX. Data encryption and multi-layered security protocols were applied to protect sensitive information.
The Results
- 50% faster claims processing leading to higher customer satisfaction
- $750k saved per month due to reduced infrastructure and operational costs after migrating from legacy systems to the cloud
- 30,000+ hours returned to business operations thanks to automation in claims and risk processes
- 100% compliance achieved in automated settlement processes for SOX and other regulatory requirements
