Growing Insurance Brokerage business
Updated: Mar 31, 2020
Think Numbers was engaged by a high growth Insurance Brokerage business to help mature their financial systems to manage 100,000 customers transactions. The client had previously built an in-house system and due to double digit growth, was resulting in a high error rate of transactions, which was no longer fit for purpose. This meant the finance team spent most of their time fixing errors and processes were highly manual. A new Finance App was in the process of being built but data was in no state that functionality was ready to be developed. The system was built up over a long period of time with no concentrated focus from the finance department in its design but rather system developers. Users were so inundated with the day to day running of the business, they were absolutely hamstrung to move forward with any solutions to this problem that would work practically due to the high volume of data and lack of clear definition of the causes of the data issues.
We spent time initially performing analysis on their current state, database structure and defining the root cause. We assisted our client to determine the best options to tackle this and came up with a roadmap. We made sure the transactional definitions were clear and well understood to avoid any confusion. This was designed with a finance user lens of debits and credits and not just from a technical IT perspective. We assisted our client to develop this solution and oversee that it was being built according to the financial definitions.
At the end of the project, we developed very clear transactional definitions and built a brand-new data mart which enabled the client to integrate clean data into their new Finance App and significantly minimise errors in their database. The client’s data is significantly more mature as a result, and they can move forward with further development features in their finance systems as a result.
Finance Users would spend over 60% of their time each month processing data and fixing on-going data problems in their current finance system.
6 – 9 months
Cutting down data errors in 100,000 customers transactions which were consuming the finance team to investigate and resolve each month.
Microsoft #SQL Server, SQL Stored Procedures