A small team of us at West Monroe Partners recently completed a project for one of the world’s largest insurance brokers and third party claims administrators. The client desperately needed new revenue and claim metrics, but disparate data from disjoint systems prevented them from getting those metrics.
The three main types of data that were needed for the metrics were:
- Revenue Data: From several different sources, including manually assembled Excel data and a legacy FoxPro database
- Contract Data: From the costing and quoting system
- Claims Data: From the claims management system
After gathering requirements and analyzing the data, we architected a technical solution that would provide cohesive information from the disparate data.
- Revenue Data: West Monroe helped create a process for assembling the revenue data from various sources. This data was assembled in Excel, and West Monroe created a simple process for users to upload and validate the revenue data.
- Contract Data: West Monroe created an easily maintainable ETL process that enabled the data to be reported on.
- Claims Data: We gathered complex business requirements and wrote a ten step custom logic tree to join the claims data to the contract data. We also created a browser based system to enable business users to maintain and improve the matching logic over time
We then placed the newly assembled data in a Microsoft Analysis Cube, enabling the CFO and other finance users to have ad-hoc analysis capabilities with Microsoft Excel. They are now able to get the information they require whenever they need it.
The newly assembled data has given the company has tremendous improvement in the visibility into its business operations. The company now can identify and respond to rapidly changing business dynamics—leading the way to greater profitability and growth.
You can read more about how West Monroe Partners helped the insurance client analyze their revenue data here.