FIA

CASE STUDY

The FIA – a trade association for intermediaries – strives to protect and develop the professional service of our members and their employees so consumers can benefit from the value of advice, risk management and product fulfilment in today’s DIY world.

The FIA represents approximately 2,000 financial services providers, including multinational, large, medium and small businesses. Their members operate in healthcare, long-term insurance, short-term insurance, employee benefits and investments.

Project:

Market intelligence dashboard. Manual, paper-based dashboard with data on insurers. Required new digital dashboard.The Challenge

ITB is undergoing a platform transformation programme to enhance customer policy and claims experiences by implementing a Guidewire solution.

As a key requirement of the CBP programme, ITB is evaluating the strategy for migrating its policy and claims data from the existing in-house platform to Guidewire.

ITB considered doing the data migration in-house before seeking 3rd party assistance.

• The cost of implementing the Guidewire system was escalating using a systems integrator.
• Struggling to get business analysts and configurators.
• The client didn’t have the skills in data migration.

The Solution The Data Company is delighted to announce the extension of partnership with AM Hydraulics. Using FINIUM, a composable application development platform that helps enterprises accelerate their business agility by unlocking the value from data and delivering new applications to achieve real business benefits rapidly. Key Benefits

• Delivering digital transformation by unlocking value from their data
• Re-engineering entire business process
• Delivering a bespoke solution to manage quote to manufacturing process
• Providing a customer portal to track progress of work orders

Project:

Market intelligence dashboard. Manual, paper-based dashboard with data on insurers. Required new digital dashboard.The Challenge

• Financial advisors cannot easily access digital and comparable data about insurers.​
• Financial advisors need up-to-date with accurate data to better inform their due diligence and recommendations for the placement of business.

The Solution

• Digital dashboards are available to FIA members with South African insurer data.​
• Incorporation of various data sources that have recently been published:​
  • KPMG South African Insurance Data​
  • Ombudsman Data
  • GCR Global Credit Ratings

Key Benefits

• Digital market intelligence dashboards that are
  • Easy to use
  • Easy to Access
  • Centralised
  • Digital
• A tool that can benefit all industry players and stakeholders.
• Dashboards have been customised accordingly to detailed input provided by industry SMEs and in-depth workshops.
• Financial advisor benefits:
  • Digitally have easy access to up-to-date data about insurers.
  • Market information that is up-to-date and accessible across the industry.
  • Tool to support financial advisors in due diligence and market research processes.
• Insurer benefits:
  • Strong performers get good exposure for due diligence.
  • Get general market awareness & exposure.
  • Generates market transparency.
  • Creates a trust relationship between advisors and insurers
  • Accelerates the sales process by assisting advisors in making informed choices.
  • FSP analysis for insurers.
  • Enabler for sales and increasing market share.
• Created an additional revenue stream for the FIA.

Key Benefits

Centralisation of Data

Digital and easily accessible data

Single Source of Truth

Digitalised

A single point through which users and employees will digitally interact with the platform

Communication

A digital solution to consistently manage communication between stakeholders

Stakeholders

Foundational solution for a stakeholder hub for all stakeholders to use

Automated Reporting

Digital and automated reporting

User Roles

Bespoke view for different user roles

CrediCar Awards

Originally published at thedatacompany.com