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.
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”.
Hiscox is a leader in specialist insurance, seeking 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.
How to put data access to better use and seize value?
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.
A Single Source of Truth for All European Countries and Functions
Adopting a safe and planned transformation approach on foundation and rollout, Celfocus followed an Agile methodology and a seamless operating model to deliver an integrated enterprise data hub based on scalable cloud architecture aimed at consistently and cost-effectively covering Europe and country-level function requirements.
It enables advanced analytics, acts as a basis for future AI/Machine Learning use cases, and ensures data user engagement. The solution empowers all users with self-service business intelligence (BI), promoting a data-driven culture.
The solution adopts a data collection and processing framework by using a powerful tool with a graphical interface to simplify implementation and maintenance and promotes automation and reusability through metadata configuration, which supports core and localisations.
In addition, the solution is data governance-oriented – meaning that processes and technologies are designed to manage the overall data governance (data quality, data privacy, cataloguing, and data lineage) – and enables future advanced analytics use cases (namely Artificial Intelligence, Machine Learning and data exploration).