Below is the continuation of the transcript from a podcast from InetSoft Technology. The speaker is Mark Flaherty, CMO at InetSoft.
One great example an auto insurance company that we worked with. They were looking to improve customer service by streamlining certain functions. One improvement was the need to ensure accuracy in providing policy holder addresses to the independent agency partners so that correct public protection correction, or PPC codes, are assigned to their customers. Real-time access was critical for fast responses.
They chose a service-oriented approach to help standardize their processes using WSDL and SOAP. They built such a data services framework to improve data accuracy that led to a reduction in underwriting risk. The team started by building two data services that were designed to be accessible by both agents and internal employees.
View more dashboards in the InetSoft gallery
The first service validated customer address information based on standard US postal codes. The second validated protection class codes using an ISO data source. Benefits were very compelling. First of all, they improved the accuracy of both the policy holder address and the assigned PPC code which had a direct impact on the coverage premium and risk exposure. Also, they no longer needed to use agent time to look up and enter this information. It’s done automatically when they enter the policy holder details.
Another benefit is the time and cost savings. Reuse enabled by SOA reduced redundancy and new project on-board times. Finally, this Web-based services architecture helped them maintain a competitive edge with faster quote generation.
The hardest part of deploying pervasive BI is changing the way an enterprise thinks about BI. Sometimes it takes education of the business sponsors and stakeholders. Once you do that you can start to discover new ways to increase revenues or reduce costs using low-latency information.
Copyright © 2024, InetSoft Technology Corp.
