Hexaware Strengthens Data Capabilities with Acquisition of Softcrylic Know More
Imagine having peace of mind knowing that your household appliances and electronics are protected by 24/7 support services and reliable insurance coverage in case of total breakdowns.
Established a century back, our client offers insurance, maintenance, and support for domestic products and consumer electronics across the UK in 10+ countries as a favored go-to source for warranty and service plans.
They earned their stripes by offering comprehensive support that shields their customers from unexpected breakdowns and repairs. Their dedication to innovation transcends meeting needs; they anticipate them, constantly evolve to deliver solutions, and keep their customers one step ahead.
Our client is responsible for safeguarding 20+ million products and orchestrating 3+ million appliance repairs or replacements annually, driven by an unwavering commitment to ensuring their customers’ well-being is at the forefront of their initiatives.
Committed to customer satisfaction, they offered modern-day product insurance and maintenance services. However, with innovative offerings, its dynamic business operations were clouded with a massive influx of data that could be utilized to complement its new-age outlook.
Data was essential for assessing risks, tailoring coverage plans, and swiftly addressing customer needs. Their product and sales teams depended on the data for campaigns, strategies, and innovation. Where a proactive approach to data analytics would enable them to anticipate customer needs, drive research for product development, and deliver data-driven insurance solutions, they were inept because of an unoptimized data ecosystem.
Their fragmented data infrastructure made it challenging to access information. In an industry where speed and personalized services are crucial, the lack of data accessibility posed significant barriers to leveraging advanced analytics and AI solutions, which are essential for staying competitive. Operating with an on-premises legacy data platform, they faced:
Recognizing the urgent need for a solution, our client sought a trusted partner to prepare them for the future, enabling their data landscape with the tools to set them apart. Creating a unified source of truth was the beginning; with Hexaware, they would also soon drive success with agile, data-driven strategies.
Our client’s vast operations had bottlenecked an unmanageable influx of data from diverse sources, including customer journeys, insured products, claims, appliance, third-party data, Salesforce CRMs, , and policy administration data, housed in their on-premises legacy data platform. Moreover, this data was stored in inaccessible silos within a fragmented landscape, hindering operational efficiency.
To tackle these challenges, we initiated our approach with a robust strategy, focusing on enabling our client’s long-term vision. Our first step was to redefine their perspective on data utilization. To renew their outlook on data, we charted a roadmap to help their vision of harnessing the power of advanced analytics and AI. We built a new data ecosystem that supports their drive to innovate in insurance.
To solve their challenges, we elevated their data and analytics ecosystem with four significant capabilities:
We drove data modernization with AWS within our client’s data ecosystem. Navigating the transformation journey within AWS involves harnessing the suite of its powerful tools. AWS offers comprehensive services designed to overarch our roadmap to help build new data capabilities.
Real-time Data Processing
Within our client’s AWS data ecosystem, we prioritized real-time data processing to enable swift decision-making, effective fraud detection, and prompt customer service responses. This was achieved by utilizing:
Amazon EventBridge, backed by AWS Lambda orchestrates the movement of data using Amazon Kinesis, ensuring that real-time data is funnelled to the Enterprise Data Lake.
Data Lake Implementation
We transformed and migrated historical data onto the data lake. Additionally, delta files/incremental data are loaded based on the frequency and scheduling of the feeds. This facilitates near-real-time data processing and analytics capabilities, empowering informed decision-making, fraud detection, and prompt responses to customer inquiries.
The transformation we drove and the AWS Cloud Services that enabled us:
This architecture transformed and migrated historical data onto the data lake, supporting regular updates with delta files/incremental data, thus establishing a comprehensive data management and storage solution.
Centralized Data Catalog
By building a unified data platform, our clients could establish a solid foundation for their AI and analytics initiatives. This single source of truth facilitates data integration across disparate sources, providing a unified view of data, ensuring comprehensive and high-quality data for training AI models, driving insights, and enhancing business outcomes.
The data governance capabilities we built and the AWS Cloud Services that enabled us:
Leveraging the robust infrastructure and advanced capabilities offered by AWS, companies can achieve unparalleled efficiency, scalability, and flexibility in handling their data workflows. From data ingestion and storage to transformation, analytics, and governance, AWS provides a seamless and integrated ecosystem that empowers businesses to harness the full potential of their data assets.
Seamless data landscape management we orchestrated and the AWS Cloud Services that enabled us:
At Hexaware, we don’t just offer solutions; we align them precisely with our client’s business goals. Our consultative and strategic approach to data ecosystem transformation empowered our clients to surpass their objectives of unparalleled customer satisfaction with innovative products on a large scale.
Understanding their challenges enabled us to craft a tailored roadmap seamlessly integrated with their strategic vision. From strengthening risk management to expediting time-to-market for innovative data-first services, our client benefits from tangible business outcomes.
80% reduction in data engineering time
Experience an impressive 80% reduction in data engineering time, quickly unlocking the company’s resources for strategic initiatives and innovation.
Automation for 70% faster pipeline development
Automation drove a remarkable 70% acceleration in data pipeline development, enabling swift adaptation and responsiveness to the new environment.
A single source of truth to drive results faster
A centralized data repository dismantles silos, forging a nexus of policy data to guide comprehensive marketing strategies, informed decision-making, and underwriting strategies.
Real-time risk radar for better customer experience
Access to real-time data enhances risk assessment and mitigation for our insurance clients, elevating customer care experiences and insurance service reliability.
Data-driven market agility
Faster time-to-market built over consolidated data fuels the insurance company’s agility, empowering it to seize market opportunities.
DaaS insights for business analysts
Unified data accessibility through Data as a Service (DaaS) empowers business analysts with insights, fueling strategic initiatives and product refinement.
Risk reduction with zero data errors
Data process standardization becomes the cornerstone of risk mitigation, providing a shield against uncertainties in insurance data management.
Enterprise-wide data process standardization
Achieve data process standardization, ensuring uniformity and reliability across operations for enhanced decision-making.
Accelerated service innovation pipelines
Accelerated automation drives data pipeline development by 70%, propelling the insurance company towards agile policy innovation and adaptation.
In product insurance, where the demands of data proliferation is skyrocketing, we understand that success hinges on more than just a solution—it requires a strategic transformation of the data ecosystem to help address future challenges. That’s why we didn’t just focus on implementation; we looked to nurture our client’s vision for the future.
We’re here to fortify readiness for the distributed cloud paradigm, ensuring that scalability and adaptability remain seamless. As an AWS Advanced Tier Partner, we’re laying down a foundation that meets current needs and anticipates and accommodates future growth.
Together, we relentlessly innovate with you, ensuring the journey toward success is possible and transformational at every turn.
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