Xceedance/Insurtech Insights/Case Studies/Data Cleansing and Enrichment for Insurance Companies

Data Cleansing and Enrichment for Insurance Companies

Xceedance delivers a leading-edge, graded data cleansing solution for a global insurance provider, reducing data processing time by 45%.

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A global insurance provider faced several data-related issues, including delays in processing time and getting submission details, high lead time for quoting, and increased requirement for cleansing and analysis. The data extraction process was slower due to increased complexity of submissions and there was a constant struggle to maintain consistency due to increased number of bids. The company was looking to drive new business year-on-year for property, marine, energy, and terrorism, necessitating an overhaul of the existing process.

The organization sought to move away from an excel spreadsheet model to ingest, store, and map data seamlessly into a system. This was aimed at bringing efficiency in data cleansing processes that extend beyond address, primary attributes, secondary modifiers, columns, and other attributes of the cleansing process. Additionally, they were seeking a reliable partner to create a suitable location of the data repository, which could reduce work in the future by capturing all data enhancements. Most importantly, they wanted to validate data on the grounds of several heuristics, data quality rules, and underwriting guidelines, to create a transformation engine. That would convert a universal template to any format like a third-party exposure management system or a vendor catastrophe modeling system.

Central to the plan was a solid and reliable data cleansing solution to manage and process vast volumes of data. They were looking for a partner to help them automate the process and overcome critical data management challenges.

Learn how Xceedance helped the carrier automate data cleansing and enrichment without compromising on time and accuracy

May 13, 2022