Overview
Understanding the relationships between data sets and applying actuarial science across this information is critical for a risk based industry like insurance. Bottom line profitably is attributable to how effectively risk versus reward ratios are managed. RACT Insurance’s existing software was dated and an ad-hoc approach to reporting made comparative assessment between business divisions complex and time consuming. The Business Intelligence (BI) team at RACT Insurance utilised the opportunity of a business systems upgrade to design a new analytical system that could provide a competitive advantage to the business. RACT Insurance worked with WARDY IT Solutions to design and build a new BI Solution that would meet the business’ reporting and analytics requirements. Project delivery was aligned to a wider IT project of legacy system replacement. By centralising data models and creating a single source of truth, a more disciplined method of creating structured and uniform reports was achieved. RACT Insurance business units now deliver more intuitive reporting that offers actionable insights. This helps the organisation rapidly adapt to changing market conditions that could adversely affect business profitability.
WARDY IT Solutions helped by:
- Reducing operational risk by removing dependence on legacy software and a marketplace skills deficit
- Replacing an inflexible system that could not easily integrate with other analytical business tools
- Applying best practice guidelines to ensure a more disciplined and consistent approach to reporting across the entire business
- Constructing a new BI framework with widely available skills built on industry standard Microsoft tools and applications
- Creating an environment that achieves rapid ROI and can easily adapt to RACT Insurance’s future needs
WARDY IT Solutions added value integrating and optimising the solution for RACT Insurance and helped the company avoid common pitfalls that could have impeded the progress of delivering a successful project outcome.
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