To analyze over 1B lines of data
To extract critical insights from millions of records
To prepare accurate, complex regulatory reports
Legacy systems lag, leading to high-cost regulatory fines
Global insurer GIG manages massive amounts of claims and transactional data. But without a single system for data extraction and analysis, the company was struggling to prepare monthly Saudi Arabian Monetary Authority (SAMA) regulatory reports. Creating C-level dashboards at speed was also a challenge, with both tasks entailing multiple complex queries that each took up to 12 hours to run — and used nearly all available machine resources. Additional end-result processing for the dashboards could require another week, which prevented the C-suite from accessing timely insights.
Late delivery and data accuracy issues in the monthly SAMA report resulted in huge financial penalties. In addition, the high load on IT resources was slowing down GIG’s overall business operations. Even outsourcing the reports didn’t solve the problem, with third-party reliance on manual methods leading to frequent errors — and costly penalties.
A single, powerful solution slashes hours from process times
Incorta gives GIG users instant access to vast amounts of data, with minimal effort and total accuracy. By deploying a single system for data extraction, consolidation and processing, users can confidently run complex queries and get results in milliseconds. Now, they can complete the detailed SAMA report at speed — with no concerns over corrupt data, manual errors or hefty penalties. All they have to do to extract any amount of data for any set period is change the filters.
Incorta also makes it easy to create robust C-level dashboards so executives can make business decisions based on real-time insights. In addition to relieving the load on processors, data engineers are free to focus on higher value tasks.
Incorta has closed the gap between GIG’s stored data and business knowledge. The company’s motor claims, financial and actuarial departments are already reaping the benefits, with deployment for medical claims also in the works.
DECEMBER 6, 2023
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