The Journey to Becoming a Data-Driven Company
As the adoption of digital technologies accelerates, the “want it now” consumer culture intensifies. We live in an increasingly hyper-connected world, with customers and businesses generating more (and richer) data than ever before.
As a result, data is considered the most valuable asset of the digital age. Companies worldwide are engaged in a data gold rush, particularly those committed to determining customer preferences and predicting their behaviour.
Insurance companies are increasingly using data to drive business by leveraging behavioural data to augment portfolio value through new lead generation and retention or to detect fraud. They also use data for internal innovation, such as predicting asset risks.
To unlock the value of data, besides a technological transformation (based on upgrading legacy systems), companies need a cultural and organisational shift to push people to evolve from “data gatherers” to “data users”.
About Hiscox Europe
Listed on the London Stock Exchange and headquartered in Bermuda, Hiscox is a leader in specialist insurance. They seek to provide the best protection for their clients through high-quality insurance products backed by excellent service. They are experts in covering a wide range of personal and commercial risks across 13 countries, with a proven track record in innovation, success, and excellence.
Expanding its presence across Europe, Hiscox underwrites specialist home and business risks in France, Germany, The Netherlands, Belgium, Spain, Portugal, and Ireland, offering a range of specialist insurance for professionals, business customers and individuals. Hiscox International includes operations in Bermuda, Guernsey and the USA.
The Challenge
Hiscox Europe challenged Celfocus to build a trustable data platform that could become the single source of consumption for self-service, reporting and advanced analytics in the European business unit, with different country views and GDPR compliance, among other specifications. Beyond technical implementation, Celfocus supported Hiscox teams’ upskilling and increased autonomy, adapting thoroughly to the company’s requirements and objectives.
Benefits
According to Diogo Conceição, Chief Operations Officer at Hiscox Europe, “Celfocus presented a differentiated top-down approach that demystified the idea that building a data warehouse takes years. We were able to meet our pre-defined deadlines and address our business’s main necessities and requirements.”
Celfocus presented a top-down approach based on a methodology that looked at Hiscox’s actual needs and business requirements. This allowed for a functional, vertical solution to be created in approximately 1 year, ensuring information consistency, relevance and granularity.
The benefits of Celfocus’s approach are as follows:
- Source system singularities are managed according to each source system’s requirements.
- Common ETL process and KPI calculation design are independent of source systems.
- The impact of core source system changes during the coexistence period is minimised.
- Historical data integration is simplified.
- The focus is on development streams.
In addition, the solution allows for self-service and is a user-friendly tool for reporting, composing a single source of truth for Hiscox’s business users.
Read full Case Study here.
