Case Studies

Continuous Risk Analysis and Assessment

An Insight-Driven Insurance Company Case Study

Business Challenge

Due the the highly regulatory nature of insurance, it’s critical for this Insurance Company to have an understanding of all of its risk across policies. This is especially especially difficult due to the company’s transactional nature which creates variable pricing models based on the bundling of services, meaning very few standardized policy practices.

The customer required the ability to  secure, analyze and utilize the huge amounts of data, requiring a unification of transactional, operational and analytical processing.

 

Technical Challenge

  • Real-time analytics on transactional data
  • Support scalability and concurrency requirements for growing data, applications and peaks
  • No downtime

 

Solution

GigaSpaces in-memory real-time analytics platform delivered the performance and agility to help accelerate innovation and advance digital transformation and customer satisfaction initiatives including

  • Real-time-based premium options
  • Continuous risk assessment
  • Scalable and always-on platform

 

Results

  • Real-time-based premium options: leading the charge in the growing “pay what you use” premium pricing model in Europe, which requires data from IoT and connected cars
  • Scalability: using the elasticity of GigaSpaces’ In-Memory Computing (IMC) approach, scalability needs are met for the foreseeable future
  • Advanced real-time advanced analytics capabilities: gaining visibility into the risks associated with each policy in real-time to accurately understand its business across all lines
  • No downtime assurance: dedication to customer experience through digital communication initiatives requires a highly available service