CASE STUDY

Using Data-Driven Strategies To Outpace Market Growth via digital channels

In perhaps Asia’s last frontier economy, an Insurance player in Myanmar is looking to tap the population of more than 60 million; young, with estimates of its working-age population as high as 76%. Yet the penetration of Insurance stands at <1%. With 12 domestic private companies granted licenses in June 2019 it is looking to take advantage of innovative technologies that disrupt traditional workflows and set itself up for aggressive expansion.

Read how qbo insights prepares a technologically forward insurance player to gain market share and outpace the market and its competitors.

Goals

Quickstart – establish a solution that leverages existing cloud-based data infrastructure

Reduce the burden on limited skilled resources for ad-hoc questions 

Promote data literacy through active collaboration on Microsoft Teams and the adoption of data-driven decisions.

THE CHALLENGE

Improving Data Literacy and Enhance Productivity to Capture Market Share Faster

With 14 players in the market battling for a US$2.8 billion potential market by 2030, the ability to respond to customers using data-driven strategies will decide who will move ahead, and who will get left behind. The challenge is to surface previously unknown patterns from data and act on opportunities in a timely manner.

Difficult to use and unwieldy dashboards: Standard legacy BI and dashboards are fixed for statutory reporting, but do not allow ad-hoc querying or answers to questions on-demand that have not been preconfigured or parameterized.

Limited Analytical Capabilities Limited IT resources are overburdened to meet the needs of the business. Data pipelines are slow, visibility into reports are weak, and the ability to conduct root cause analysis relying on a young, inexperienced team.

A remote and distributed international workforce that needs to actively access and collaborate with data : Data is on the cloud, people are working remotely in the wake of a pandemic, and insurance players are scrambling to provide for their customers who are looking to protect themselves. How can the team make consistent and fact-based decisions?

THE SOLUTION

Faster, Better Consumption of Insights for Everyone

qbo insights connects to the underlying data sources on AWS for a quickstart as well as leverage in-database queries which use logical data modeling instead of requiring data preparation & ETL.

Advanced analytics is made available on-demand to business users who need to make decisions with reduced dependence on specialist resources.

Integration with the world’s leading business collaboration tool – Microsoft Teams –  allows seamless adoption and active collaboration to promote data literacy.

Conversational, natural language querying, as opposed to search, which allows advanced analytics beyond slice-dice to support long-tail of desired questions from non-technical business users.

A feature-complete mobile interface, allows insurance agents and branch managers to access data and insights on-the-go while maintaining security and performance on a hybrid private-cloud deployment

THE RESULTS

Over 200,000 Policies Analyzed in Minutes

Increase in productivity as a result of shifting from a monthly ETL process to an end-to-end data pipeline from applications operational data sources.

Availability of out-of-the-box models for instant forecasting, variance analysis, and risk scoring so all ad-hoc querying is now possible.