InsuranceCreate new liability insurance models based on IOT sensor data for a leading business Insurer.
About the customer – Customer is one of the top 3 B2B broker in the world
Customer Challenge
- Create a unified risk-based model for real-time underwriting & presentment of Insurance to a Business customer
- Lack of centralization, standardization and self-service of the enterprise data leading to higher time to market, costs & redundancies
- Point to Point Integrations leading to significant cost, lack of governance, data quality & missing single version of “truth”.
NucleusTeq Solution Approach
- Centralized, Standardized & Certified Data for Consistency
- Democratize Data through self-service API’s while eliminating redundancy
- Ensuring compliance to Enterprise data security guidelines
- Created a data model that accounted for various parameters such as IOT sensor data of the field worker, probability of injury, pattern analysis etc.
Outcomes Delivered
- Data Lake on Azure for unified data management & single source of truth
- Data integrity & quality with financial B&C
- Real-time (100 TPS) system for Insurance underwriting & premium processing
- Eliminated system redundancy by 40%