IN PRACTICE
Let’s consoli-data
How unifying enterprise-wide data created analytics solutions that saved thousands of hours a quarter
IN PRACTICE
Let’s consoli-data
How unifying enterprise-wide data created analytics solutions that saved thousands of hours a quarter
A leading US-based property and casualty insurer sought to revamp its entire reporting landscape by recognizing that prompt, datadriven decision-making was integral to its future success.
The company was data-rich but information poor. Multiple reports provided only a static view of the business and no insight into actionable recommendations. Moreover, reports were not always accessible or available on time and inconsistency in definitions and business rules led to conflicting information.
This impacted teams across product management, underwriting, pricing, claims, sales, and distribution, who required reliable information to function.
To address these challenges, the insurer engaged Fractal. After reviewing key business needs and the current state of reports and dashboards, a roadmap was built to implement a range of analytical solutions.
Drawing from best practices in building effective and intuitive business intelligence solutions, a comprehensive data visualization system was proposed with fast prototyping and wireframes. These gave users a clear picture of the solutions and allowed them to provide immediate feedback while they were being built.
Rapid prototyping to launch
The solutions were iteratively developed with an agile framework before being operational in the client environment. From discovery to viable product, the entire process took three months. It was then launched to the insurer’s wider audience over the next three months.
By bridging various information gaps, data from over 300 reports were consolidated into 15 analytics solutions made available through a visualization suite to generate faster, more descriptive, and actionable insights.
This information was instantly made available to over 500 users. It had been viewed over 14,000 times in the first six months after going live. With the new solution, over 100 previously untracked metrics were now being reported.
The adoption and popularity among users were its biggest marks of success. This was measured through an automated usage tracking report that collected continuous feedback.
The report not just captured usage information relating to the new system but did so for all Tableau reports in the client’s ecosystem. This gave real-time feedback on usage trends and how the new solution ranks relative to others. It also identified power users who could be proactively approached for more detailed feedback regarding modifications to improve usage and usefulness.
IN NUMBERS
- Data from over 300 reports was consolidated into 15 guided solutions
- Information was instantly available to 500+ users
- Registering over 14,000 views of the solutions in the first six months
- Uncovering over 100 new, untracked, unreported metrics
- Sustained impact through a monthly usage rate of over 95% among its core user group
A single source of truth
As a result, the solution is now the single source of truth for financial results and diagnostics. Standardized definitions and business rules ensure that users across functions and geographies align with consistent metrics. Older, ad hoc reports have now been decommissioned.
Today the solution with a monthly usage rate of over 95 percent is one of the most highly adopted within the company. “The solution is cutting edge,” said the general manager of property insurance at the company.
A product line leader for auto insurance shared, “Managers now have access to information they didn’t have before. This saves thousands of hours a quarter, if not a month.”
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