Insurer consolidates all their data sources into a single data warehouse.
The Challenge

A diverse and complex insurance organisation used an existing data warehouse that did not include all its required data sources. The age and complexity of their data warehouse made it very difficult to add new sources of data attributes.

A highly manual process thus evolved to combine data from the existing data warehouse with multiple other data sources across the enterprise.

Both financial closing timelines and the ability to efficiently pull together accurate and reliable management information were impacted by their legacy systems architecture.
The result

The new consolidated Phinsys data warehouse was populated with a one-time feed from the existing warehouse environment. Phinsys then automated the consolidation and loading of data that had previously been processed manually, including bordereau, feeds from other source systems and Excel spreadsheets. A centralised, single-source data warehouse has enabled this insurer to reduce closing cycles by five days with a higher level of confidence and significantly improved data quality.

Staff previously assigned to consolidating data sources were retrained to leverage this data via new business intelligence solutions.
Our prior close process was highly manual and worsened as the business expanded – we now have a scalable solution that has allowed us to reduce close cycles and feel comfortable with the process that produces our financial results.