In the rapidly evolving landscape of InsurTech, the demand for streamlined data processing solutions is more critical than ever. As technology continues to reshape industries, a transcontinental insurance company was tasked with the challenge of handling vast amounts of data processed through Excel files. Recognising the need for a more sophisticated approach, the company turned to Symfa, a leading player in the FinTech space, to create a unified and automated ETL process.
Symfa, represented by Delivery Manager Andrey Zhilitsky, embarked on the project by mapping Excel files containing insurance data.
The initial task was to process, unify, and store these files in a structured format within a database. The success of this fundamental step led to the expansion of the team from 3 to 23 people within a year, dedicated to continuous work on the insurance data.
The project commenced with a clear objective – to develop a unified process for mapping diverse excel files. The focus was on defining unifiable fields and mapping the data using the client’s preferred tools.
The resulting files were then seamlessly uploaded to the data storage, providing analysts and managers with clean and reliable data for reporting and analytics.
Key insights included policies sold, best-performing locations, distribution channels, agents’ performance, and the profitability of accounts over specific periods.
Symfa’s involvement evolved over time, experimenting with deeper insights as they became familiar with the client’s data. The mapping logic became more sophisticated, accommodating the nuances of different processes and providing data for five distinct business lines.
How does the solution work?
Symfa’s solution operates as a non-GUI system, processing data automatically at set intervals.
Files are collected hourly, providing an optimal load on the server. The system communicates with users through email notifications, ensuring a smooth and efficient process. If errors occur, a notification is sent, enabling users to rectify issues independently or seek support from the dedicated team.
Initially designed for developers, the tool transitioned into an offering which could be used by business units. Clear and well-thought-out notifications empower non-IT users to address basic exceptions, contributing to the overall success of the system.
Looking ahead
Looking ahead, Symfa envisions further evolution of the project towards complete human-independent automation.
The focus is on automated handling of exceptions, aiming for 100% automation. Five data jobs have been introduced, and the plan includes monitoring by a dedicated IT specialist in the future.
The project’s success can be attributed to exceptional team play and the trust established with the client. Symfa’s commitment to building strong relationships within the team, coupled with the client’s trust, has resulted in the seamless execution of the project.
The client’s Vice President’s trust in Symfa led to the addition of key talents to the team, showcasing the effectiveness of the collaboration.
Read the full blog from Symfa here.
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