To administer their life and annuity block, a Fortune 100 insurance organization utilized multiple internal and external systems making it difficult for the business team to identify existing and/or pending coverages for new applicants.
The client needed to aggregate their data to streamline the mining process and provide a more stable environment.
Discrete Systems Feed Central Repository For Disbursement
An Operational Data Store (ODS) was created to retrieve and store data from multiple systems in a single location for the lifecycle of each policy/contract. Life insurance applications entered in the eApps system would now be “pushed” to the underwriting platform, then sent throughout the day to “fast refresh” the ODS. Then, when a new business case is ready for issuance, it is automatically pushed to the policy administration system.
Greater Access And Better Control Reap Operational Improvements
The creation and utilization of the ODS led to several operational improvements including increased access and control by the company. Centralized data storage allows for more efficient development and support of reports and a two-way communication between ODS and every system allows interaction between systems without the systems needing to directly communicate with each other. In the future, centralized data storage could allow Client Service Reps, Case Managers, Underwriters, and Management Teams a 360 degree client view.