Insurance

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. The 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.

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 study demonstrates the power of Capsifi to transform not only data quality and integrity but also the way a company operates at a fundamental level.