Revolutionizing Data Management and Reporting at GIG with Incorta

Conquering Data Delays: The Old vs. New Paradigm

Let’s start by imagining a scenario: you’re late for a critical meeting and need to choose between a 1960s car and a brand-new 2024 model to get you there. Naturally, you’d pick the modern car, right? This analogy perfectly encapsulates the transformation experienced at GIG. GIG formerly AXA, is a GIG is amongst the largest and most diversified insurance groups in the Middle East and North Africa. One of the top three players in the GCC, present in 13 markets, GIG is one of the top 10 most valuable insurance companies according to Forbes Middle East and was recently awarded as the 2021 General Insurance Company of the Year by MIIA.

GIG’s  previous data architecture was like the old car—slow, exhausting, and full of constraints. Generating reports required an extensive process that often involved writing thousands of lines of code and relying heavily on external vendors –who weren’t always available when needed for answers.

In contrast, GIG’s new architecture with Incorta is like the 2024 car—fast, reliable, and efficient. With the integration of Incorta into its data management and reporting processes, GIG has showcased innovation and efficiency. This analytics transformation addressed complex data challenges and resulted in significant time savings, cost reductions, and exceptional value generation.

Incorta has allowed GIG to revolutionize their data management, providing quick access to accurate, real-time data without the lengthy delays they previously faced. The data management system is now capable of generating complex reports in just minutes, a task that once took days.

Overcoming Major Hurdles: Data Accessibility, Vendor Dependence, and Operational Efficiency

1. Data Accessibility and Reporting: Previously, data was scattered across multiple systems, making it difficult to compile and analyze. Each report required substantial manual time and effort, often resulting in significant delays and operational bottlenecks. The need to integrate data from various sources, while also accommodating frequent changes in business requirements, added to the complexity.
2. Dependence on External Vendors: Relying on external vendors for data management made the report generation a major hurdle. These vendors were often located outside the kingdom, leading to delays in communication and project execution. This dependence not only slowed down their operations but also added unnecessary costs.
3. Impact on Business Operations: Running complex queries on old systems often affected business operations, slowing down processes and increasing the risk of errors. This meant that many tasks had to be performed outside of regular business hours, leading to further inefficiencies.

Transformative Benefits of Incorta: Speed, Cost Savings, and Data Accuracy

By integrating Incorta, GIG has significantly improved their data architecture. They can now generate reports in minutes, handle complex data from multiple sources, and create customized dashboards that cater to the unique needs of each department. Some key benefits GIG has experienced include:

• Speed and Efficiency: Internal teams can now produce reports quickly and efficiently, without waiting for vendor support or dealing with system slowdowns. Incorta's platform connects to multiple data sources, providing a seamless and integrated view of their data landscape.
• Cost Reduction: The new system has reduced the dependence on external vendors, leading to significant cost savings. It has also lowered the overall operational costs by streamlining data processes and improving resource utilization.
• Improved Data Accuracy: With live access to accurate data, internal teams can make informed decisions quickly, driving better business outcomes and enhancing overall operational efficiency.

Real-World Success: Enhanced Data Integration and Decision-Making

1. Motor Leasing Dashboard: GIG’s motor leasing business line, one of the most critical at GIG, now benefits from a comprehensive dashboard that integrates data from various sources. This dashboard provides quick and easy access to relevant information, allowing for in-depth analysis and better decision-making.
2. Nphies Integration: Nphies, a platform launched by the Council of Health, acts as a middleware between medical providers and insurance companies. Previously, managing transactions through Nphies was a complex task, often resulting in penalties due to errors. With GIG’s new dashboard, their health team can now monitor and investigate transactions efficiently, ensuring quick support and compliance.
3. Medical Claims Management: GIG has developed a detailed dashboard for managing medical claims, which is crucial for any insurance company. This dashboard helps their medical team analyze claims data, identify trends, and improve fraud detection mechanisms. It has also enabled GIG to meet regulatory reporting requirements more effectively.

Maximizing Results 

One of the  most significant results garnered from the implementation of Incorta is the transformation of GIG’s  regulatory reporting process. Previously, preparing a quarterly report for the insurance authority took an average of 6.5 days. With Incorta, this process now takes just minutes, saving GIG almost a month’s worth of work each year. This dramatic improvement has freed up valuable time and resources, allowing GIG to focus on more strategic initiatives.

Future Benefits

Integrating Incorta has been a game-changer for GIG. They moved from a cumbersome, outdated, data architecture infrastructure to a modern, efficient system that meets their growing business needs. This transformation has not only improved their operational efficiency but also positioned GIG as a leader in the financial services industry.Watch an on demand webinar to learn about GIG’s transformation journey and how it used Incorta to beat the data delay and build a faster data value for financial services.