Success Story BFSI

Insurance brokerage firm operationalizes new business via Cloud-Based Platform

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This large, privately-held insurance brokerage firm provides insurance, risk management, employee benefits and retirement services. The company has expertise in insurance technology services and leverages a flexible, cloud-based, advanced analytics platform to serve to businesses around the globe. Its risk management services include analytics, strategic risk consulting, supply chain risk, and transaction advisory practice.

Apexon began its strategic partnership with the company in 2018. The client’s goal was to become a “data-powered” company to help adapt to its changing market space and monetize various data assets across its environment. The relationship included enterprise data lake development, data engineering, and quality engineering services with the end goal of establishing a scalable environment to support multiple products/applications, carrier onboarding, and BI self-service for internal reporting.

  • Founded in 2013

    $39.5B in annual insurance premiums

  • Provides all-in-one payment and wallet solutions platform based on NFC technology for smartphones

    65,000 clients in over 125 countries

  • 2016 Mobile Star Awards Winner

    8,500 associates

  • 2016 Mobile Star Awards Winner

    One of Fast Company’s ‘World’s Most Innovative Companies’

THE CUSTOMER JOURNEY
2018

2019

2020

2021

2018
  • Cloud Engineering
  • Data Lake POC

2019
  • Development Partner
  • Provider Data Lake
  • Data Engineering Partne

2020
  • Strategic Tech Partnership for development
  • Became sole Quality Engineering Partner

2021
  • Continuous performance monitoring
  • Product and user experience enhancements

The Results

Key Outcomes

Faster Time-to-Market
Higher Service
Levels
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Released to market 12 months faster than originally projected

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Platform Flexibility
Increased Flexibility
& Ease of Use
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Support for all preferred payment methods; built to accommodate each bank and retailer’s unique needs

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Platform Flexibility
Higher Customer
Satisfaction
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Support for all preferred payment methods; built to accommodate each bank and retailer’s unique needs

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Value-Added Services
Faster Cycle Time
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Enabled banks and retailers to incorporate value-added services of their own such as loyalty programs and couponing

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Easy Integration
Reduced Costs
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A single, comprehensive, and multi-channel cloud-based payments system integrated easily with existing payment infrastructure

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Our methodology

how
we did it

Apexon works with companies across the digital lifecycle.

Go Digital
Go Digital

Accelerating the delivery of new digital initiatives with confidence

Be digital
Be digital

Creating the infrastructure and foundation to scale digital initiatives

Evolve Digital
Evolve Digital

Leveraging data and analytics to continuously improve digital delivery processes

The challenge

Enabling a New Business Model

The company wanted to fundamentally change its business model. This required a new cloud-based enterprise platform solution that would help the company and its partners simplify the delivery of insurance, risk management, employee benefits, and retirement services in an infinitely scalable environment.

The company needed a highly qualified cloud and data engineering partner to collaborate with that could help deliver on its vision. Its specific goals included:

Aggregation

Digital Transformation

Building a modern digital platform on Azure cloud, while easing the transition from its existing legacy-based systems

White-Label

IT Infrastructure Upgrade

Supporting new market demands across a range of customers (both B2B and B2C)

Platform Compatibility

Value Generation

Enabling customers to optimize the performance of their insurance processing operation plans and support better cost management

Ease of Use

Visualization & Reporting

Providing consumption details with elaborate and fully accurate reports and visualization tools to support the business

Enterprise Security

Ease of Implementation & Use

Building a flexible, self-service platform for its customers adding transparency for both clients and their employees

Enterprise Security

Streamlined Operations

Making the company more agile and efficient

The Solution
Eliminate challenges associated with legacy claim processing systems

The Apexon team has been working with the company since 2018 to eliminate challenges associated with legacy claim processing systems and antiquated business models.

As the company’s dedicated cloud/data engineering partner, Apexon built a Spark-based processing framework for this organization that is based on Apexon’s IC4 methodology. This framework helps to automatically ingest carrier provider/end user (insurance, third-party agents) data from multiple external source systems. The solution transforms the data and loads into SQL server on cloud, for consumption by power BI reporting.

Apexon is working closely with this company’s product and engineering teams to build, scale-up, and continuously innovate and transform the technology platform.

Additionally, the Apexon team is helping the company automate many of its manual legacy business processes related to data strategy and governance.

The enterprise data lake enables the re-use of defined frameworks incorporated into the approval/denial analytics platform to deliver core foundational capabilities that include:

Ease of Use

Parameterized Type 2 processing with optimum resource utilization

Ease of Use

Complex code generation for curation layers and across the data store

Ease of Use

A comprehensive model to store metadata, data quality, and operational metadata

Ease of Use

A platform-agnostic engine that validates data at rest and data in motion for completeness, validity, consistency, timeliness, and accuracy

Apexon also recommended the company integrate a cloud-based data warehouse and data analytics solution built on Azure to deal with its growing data management needs.

Our approach

Modern architecture with predictable batch execution framework driven by Apexon data services and framework on Azure

Monitoring tools, operational dashboard, and security tools provide complete control and visibility in the environment

Scalable environment to support other products/applications, next 20+ carrier onboarding, BI self-service for internal reporting, data scientists, and API framework

KEY AREAS OF PROJECT SCOPE INCLUDE:

Cloud Migration 

Apexon is ingesting insurance data to Azure SQL server storage using Spark processed data based on IC4 methodology. Responsibilities related to this recommendation included project definition, tool selection, execution, transformation, mitigation strategy, execution, testing, and verification. This project will enable the company to lower infrastructure management costs while increasing data storage performance and resilience.

Data Engineering

Apexon designed the underlying data architecture for the market analytics platform. This included a scalable, HDinsight-based file system and data analytics solution built on Spark.

KEY RESULTS:

Ease of Use

Higher Customer Satisfaction

New adjudication engine accelerates insurance processing by integrating a solution that was easy to configure, manage and onboard

Ease of Use

Visualization & Analysis

Efficient provisioning of reporting services and analysis data for consumption by business

Ease of Use

Faster Cycle Time, Reduced Costs

Increased automation, agility and scale; easy access to performance data, reduced regression times – all make it possible for client to achieve monthly and weekly releases, working to achieve on-demand releases

Ease of Use

Increased Flexibility & Ease of Use

Target to reduce insurance processing time on new SQL server cloud platform

Ease of Use

Scalable Architecture

To support exponential growth