Download PDF
IoT Implementation in Property and Casualty Insurance: A Case Study
Use Cases
- Inventory Management
The Challenge
The organization, a leader in the property and casualty insurance industry, was grappling with the challenge of scaling data discovery across millions of data records. They were also tasked with monitoring hundreds of databases and fulfilling numerous data owner requests every week. The existing manual processes were time-consuming and inefficient, often taking up to four weeks to complete a single data inventory task. The organization was also struggling with managing data owner requests without expanding their staff. Additionally, the audit reporting process was cumbersome and inefficient, leading to a significant amount of time being spent on audit documentation.
About The Customer
The customer in this case study is a leading organization in the property and casualty insurance industry. They are responsible for managing a vast amount of data, including millions of data records and hundreds of databases. The organization also has to fulfill numerous data owner requests every week. They were looking for solutions to improve efficiency, manage data owner requests without expanding their staff, and improve their audit reporting process. They also wanted to gain better visibility into personal data for effective risk management.
The Solution
The organization turned to IoT and automation to address these challenges. They implemented an automated discovery tool that drastically reduced the time taken for data inventory tasks. What previously took four weeks was now completed in just two days. This not only improved efficiency but also freed up resources for other critical tasks. To manage data owner requests more effectively, they implemented an efficient process that eliminated the need for hiring new staff. This was a significant cost-saving measure for the organization. They also improved their audit reporting by automating the process. This led to a 70% reduction in audit documentation time, further enhancing efficiency. Lastly, they implemented a centralized platform for better risk management. This platform provided visibility into personal data, enabling the organization to manage risks more effectively.
Operational Impact
Quantitative Benefit
Related Case Studies.
Case Study
Hospital Inventory Management
The hospital supply chain team is responsible for ensuring that the right medical supplies are readily available to clinicians when and where needed, and to do so in the most efficient manner possible. However, many of the systems and processes in use at the cancer center for supply chain management were not best suited to support these goals. Barcoding technology, a commonly used method for inventory management of medical supplies, is labor intensive, time consuming, does not provide real-time visibility into inventory levels and can be prone to error. Consequently, the lack of accurate and real-time visibility into inventory levels across multiple supply rooms in multiple hospital facilities creates additional inefficiency in the system causing over-ordering, hoarding, and wasted supplies. Other sources of waste and cost were also identified as candidates for improvement. Existing systems and processes did not provide adequate security for high-cost inventory within the hospital, which was another driver of cost. A lack of visibility into expiration dates for supplies resulted in supplies being wasted due to past expiry dates. Storage of supplies was also a key consideration given the location of the cancer center’s facilities in a dense urban setting, where space is always at a premium. In order to address the challenges outlined above, the hospital sought a solution that would provide real-time inventory information with high levels of accuracy, reduce the level of manual effort required and enable data driven decision making to ensure that the right supplies were readily available to clinicians in the right location at the right time.
Case Study
Hardware Retailer Uses Data Warehouse to Track Inventory
Ace tracked which products retailers ordered, when they were ordered and shipped. However, the company could not track or forecast actual sales. Data used for reporting was up to a one-week old, owing to performance and data cleansing issues. Requirement to integrate wholesale and inventory data with POS data to help drive key business decisions, improve category management, lower inventory costs and optimize pricing. Reliance on custom coding to integrate POS data was excessively resource intensive and led to major performance constraints.
Case Study
Remake Enterprise-to-production System
The client was running a legacy material flow tracking system and wanted to replace the system with a more effective one as the system was increasingly expensive to maintain and support and also was not extendable. The client's IT landscape was filled with modern applications and it was difficult to interface the material flow tracking system with modern applications.
Case Study
Expertech - Capital Tool Inventory
Costly tools used to splice fiber optic cables are an important part of Expertech’s operational and capitalized expenses, but the company did not have an automated system in place to track their tools and optimize their usage. The existing data in its tracking system was inaccurate and required manual updating, making it essential for the company to implement an efficient process to track and follow up on its capital tool inventory.
