A Single Source of Truth: Transforming Property Casualty Insurance with Capsifi
In the competitive and rapidly evolving world of Property Casualty Insurance,
businesses face numerous challenges. From underwriting losses and rising costs to evolving risks and competition from InsurTech companies, the landscape is constantly shifting.This case study explores how a leading Property Casualty Insurance company in North America, with $39.8 billion in revenue, leveraged Capsifi to overcome these challenges by transforming its data architecture and decision-making processes.
Insurance
US$ +39.8 Billion Revenue
North America
The Challenge: A Struggling Business Architecture Team:
The company’s Business Architecture team was in its early stages of development,
and the demand for data to support decision-making was growing rapidly. The team
faced several hurdles:
- Rising costs and slow premium growth were impacting profitability.
- They were burdened with manual architecture activities, which involved
maintaining multiple files of content that needed to be periodically aligned. company unknowingly procured new tech, adding complexity instead of value.
- The process was slow, inefficient, and prone to errors, with different versions
of analysis provided to different stakeholders.
- The time taken to respond to requests for insights often reduced the value of
the information they provided.
With multiple sources of truth and manual reconciliation, the team found it difficult to
keep up with the demands for timely and accurate insights, which further
complicated their decision-making processes.
The Approach: Leveraging Capsifi to Simplify and Streamline
Recognizing the need for change, the company identified key objectives that would
drive significant improvements in their processes. They chose to focus on small,
manageable changes that would have a large impact.
- They loaded and aligned available assets, standardized values, and naming
conventions, and iterated to produce meaningful visualizations.
- By minimizing parallel testing and retiring manual files and calculation
methods, they took calculated risks that paid off.
- Capsifi’s powerful visualizations were able to tell the story that the team had
been struggling to communicate.
With the new system in place, the team was able to free up time, which allowed them
to provide decision-makers with additional insights, further demonstrating their
understanding of the business and its priorities. Capsifi’s speed and efficiency in
providing data-rich insights naturally built credibility with stakeholders.
Capsifi allows us the ability to perform our analysis faster to support our recommendations for our stakeholders.
Manager, Business Architecture
The Results: Efficiency, Credibility, and Growth
The transformation was profound. Capsifi became the company’s sole source of truth for strategy and operating model information. The efficiencies introduced by the system enabled the team to extend their analysis into areas they previously didn’t have time or tools to explore. As a result:
- The company eliminated 25% of daily data reconciliation tasks, saving 151
hours per month.
- They retired 65 Excel and Visio files that had previously been maintained and
aligned manually.
- Capsifi became the system of record across functions, allowing more time for
value-adding activities.
- The architecture team expanded their stakeholder base, including strategy
leaders and strategic portfolio leaders, providing trusted data and earning
their confidence.
Through this partnership with Capsifi, the Property Casualty Insurance company
successfully navigated the challenges of a complex and dynamic industry, ultimately positioning themselves for continued growth and success.
This case demonstrates the power of Capsifi to transform not only data quality and
integrity but also the way a company operates at a fundamental level.