Modernizing Financial Data Operations for a Leading Global Insurer
Read how Quantiphi’s AI-powered solution consolidated data and centralized reporting, enabling the client to reduce manual reconciliation efforts, enhance financial reporting, and improve performance management capabilities.
#Insurance #DataModernization #CloudPlatform
About the Client
The client, a leading global insurance and reinsurance provider, aimed to modernize their existing decentralized data warehouse, which had data quality issues, into a cloud-based data platform.
Problem Statement
The client faced challenges due to their multi-instance, denormalized, and inconsistent data schema, leading to downstream user consumption issues. These challenges resulted in a host of operational challenges
- Decentralized Data Warehouse: The multi-instance, inconsistent data schema caused problems with data consumption and reporting.
- Delays in Financial Activities: Issues with financial reconciliation across lines of business (LOBs) delayed closing activities.
- Data Quality & Governance: Data quality, governance, and stewardship issues impacted overall reporting accuracy and regulatory compliance.
The Solution
Quantiphi provided a comprehensive modernization service across lines of businesses and entities to consolidate, conform, centralize, normalize and deduplicate financial data into a cloud-based data platform. The solution integrated the Financial Data Warehouse with the general ledger to address delays in reconciliation and reporting.
Key Features:
- Centralized Data Platform: Unified data across LOBs, regions, and cost centers for seamless access.
- Ledger Integration: Improved financial reconciliation with general ledgers.
- Data Quality Framework: Established robust data governance and quality control processes.
Technology Used
AWS Cloudwatch
AWS Cloudtrail
Amazon SNS
AWS IAM
Lambda
ECS
AWS Redshift
Amazon Elasticsearch Service
Amazon Step Function
Jupyter
Workday
Results and Impact Created
Quantiphi’s solution delivered significant business outcomes for the client:
- Centralized Analytics & Reporting: Enhanced reporting for FP&A, performance management, and other LOBs requiring financial data.
- General Ledger Consolidation: Consolidated ledgers across LOBs, regions, and cost centers.
- Data Governance & Quality Control: Implemented a comprehensive data governance framework for improved accuracy and reporting.
- Data Reconciliation: Streamlined reconciliation between general ledgers and source systems.
