Client Study: Reporting
Data Capabilities for Enhanced Reporting
Client: Global Insurance Client
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Business Areas Impacted: Policy Administration, Product Development, External Assumptions Data, Technology, Audit, Embedded Value Reporting, Actuarial Cash Flow Generation, Global Actuarial Modeling, Expense Management, Finance Reference Data
The Challenge
Significant constraints in reducing cost and realizing business value from reporting due to complexities in data flows, inefficient processes and operating models.
Business Value Created
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Delivered to a highly visible timeline and strategic business value creation agenda
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Reduced cost in sourcing data for Reporting
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Eliminated "Stage & Repair" activities
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Improved Data Quality in Calculation and modelling layers
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Enhanced controls and traceability
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Standardized data acquisition capabilities that supports speed to market to meet regulatory and market events
How did Aggrego Help?
Led data business requirements analysis in Japan to develop the foundational release for global deployment. Conducted 40 plus data business requirements workshops across Policy, Claims, Expenses, Investments, Risk, Actuarial Cash Flows, Reserving, Financial reporting, reconciliation, STAT, GAAP, Economic bases, solvency inputs among others
Worked with cross functional teams comprising of Integration Partner teams, Policy owner service groups, Embedded Value client teams, Actuarial and Technology teams to develop the data strategy and critical path components
Developed standardized business definitions for data sources, entities and attributes to support multiple accounting bases, processing cut-offs, country, regional and global reporting requirements
Standardized and mapped data to the target data repositories in compliance with Insurance industry (ACORD) and client data standards
Designed end-to-end integration, Data flows, Conceptual and Logical Insurance Data Models for Policy, Claims, Expense, Finance and Reference Data, Results Stores and working repositories
Designed Control Framework to support traceability and Finance control requirements