Business Need

The client’s manual data processing and reporting using Microsoft Access and Microsoft Excel were effort-intensive, time-consuming, and prone to human errors. In addition, the manual and complex computations and processing of cumbersome data from various registers every month would take 5-6 working days, leading to delays in crucial decision-making and business planning. The client wanted a solution to reduce the manual effort and time required for data processing and reporting, gain meaningful insights and a comprehensive business view, and facilitate timely decision-making.

Business Challenge

As digitalization and usage of digital technologies grow across all business processes, focusing on enhanced data processing and analytics has become imperative. Insurance is a data-driven sector. Today, more than ever, insurance companies are focusing on reimagining technology’s role, reinventing the delivery of technology, and future-proofing the core technology’s foundation.

The client, India’s leading private general insurance provider with over 130 branches and a customer base of over 10 crores, was performing manual, tedious, and time-consuming data handling and processing—further, complex calculations and computations done manually led to error-prone reporting and delayed decision-making and business planning.

The client’s challenges included the following:

• Manual handling and processing of cumbersome data (50GB data every month) from various registers (like premium, claims, etc.) using Microsoft Access and Microsoft Excel was effort and time-consuming.
• Manual calculations to generate monthly reports on 100+ Key Performance Indicators (KPIs) (like Gross Earning Premium (GEP), Net Earning Premium (NEP), etc.) through complex formulas was error-prone and time-consuming (5-6 days).
• Generation of only monthly reporting on the KPIs with no provision for analytics, budget v/s actual reporting, and so on.

The data and KPI reports generated were manually emailed to the leadership and were inadequate in facilitating decisions critical to the business.

The client wanted an efficient and automated solution with the following features:

• Automate handling and processing of data and enhance the computational efficiency.
• Ease data ingestion and reporting.
• Enhance end-user experience.
• Increase the turnaround time with accuracy.
• Be scalable and future-ready.

Business Solution

Empowered by our technology and domain expertise, we at NuSummit designed a modular, scalable, and comprehensive data processing platform. The hybrid platform uses the robust and advanced SQL computational engine (Microsoft SQL tech stack) and Power BI on the cloud to provide seamless access to financial MIS reports, including the client’s profit and loss (P&L) statements.

We conducted a one-time data migration activity to migrate 10-year Premium data from various sources (MS Access, Excel, and SQL database) to the new SQL database using SSAS and SSIS packages. We created a holistic, centralized repository of critical financial information.

The background engine, developed by the NuSummit team, performs complex monthly computations and calculations on the huge dataset (2+ TB ) within 20 hours. It computes information and performs analytics on critical key performance indicators (KPIs), such as GEP, NEP, GWP, revenue, Policy earnings, etc. Along with these reports, the platform generates the client’s P&L. This enables the client to make timely business decisions for business planning.

The platform provides a single source of truth through its intuitive UI that visually represents all the analytics and reports in dashboards and charts that can be further drilled down to filter information. The platform provides the following:

• Crucial business insights to the Business Heads of Departments, Regional Heads, Channel Heads, and other leadership and management.
• Organization-wide analytics for the organization’s leadership team (Managing Director (MD), Directors, and so on).

NuSummit’s analytics platform also provides budget v/s actual YoY performance, month-on-month performance, and other analytics that can be sliced or diced based on channels, regions, zones, etc. In short, it gives the Sales department a 360-degree perspective on P&L. Further, the reports can be shared directly from the platform UI or downloaded as PDF or Excel files.

The platform has the following features:

• Track vital KPIs: Computes KPIs across different premiums, claims, commissions and expenses, such as GWP, NEP, NWP, LR, NIC, Gross commissions, COA, etc.
• Customizable dashboards: Interactive dashboards for premiums, claims, commission, expenses, and monthly financials with data slicers across multiple dimensions (month, line of business (LOB), channel, branch, and make-wise).
• Drill through: Allows users to dig deeper into the details of a specific type of data or a specific type of value generated or displayed.
• Self-service analytics: Enables users to easily create or modify dashboards from new fields available in the existing DataMart (cube).
• Tabular reports: Provides detailed reports for different categories (LOB, branch, channel, product, monthly financials, and others).
• Group by feature: Summarizes data based on one or more aggregate functions like channel: EBL –Digital, IA, Rural, or SBI JV.
• View value in different display units: Provides an option to view numbers across all reports and dashboards in lakhs and crores.

The future-ready platform can perform premium forecasting based on existing policy data.  It is modular and scalable, database, business intelligence (BI) technology, and cloud agnostic.

Tech Stack

Database Management System:

• Microsoft SQL Server

Business Intelligence and Data Visualization:

• Power BI