Insurance Data Modernization | November Good Bits

As we approach the end of 2024, we are excited to announce our Insurance Data Modernization Practice designed to help data leaders get their data ready for advanced analytics and AI innovation.

Our Insurance Data Modernization Practice provides an industry-specific set of solution offerings that draw from our extensive experience solving data challenges with our Fortune 500 Insurance customers and incorporates lessons learned with customers in other data-driven industries.

Need for Modernizing Insurance Data

The Insurance industry is undergoing a digital transformation, driven by increasing customer expectations, evolving regulatory landscapes, and the rise of advanced technologies. This has increased the importance of the need of a new approach to data management and governance. So, for any forward-leaning insurer, data modernization should be a priority including the unification of all disparate external and internal sources under one platform. 

One solution for insurers can be Microsoft Fabric, which is a unified data platform that empowers firms to ingest, transform, analyze, and visualize data more efficiently. It offers a comprehensive set of tools and capabilities that can help insurers modernize their data infrastructure and drive innovation. Bitwise, a Microsoft Solutions Partner specialized in Azure Data & AI solutions, developed a program that provides value to data professionals at each step of their cloud modernization journey. This unified and collaborative platform caters to all business and technical roles in the organization while serving as the data foundation for the AI era. 

Data Modernization Case Studies for Insurance 

The below case study examples showcase how we are helping to solve data modernization challenges for our Insurance customers.

• A commercial lines Insurance company struggled with manual data extraction in their claims processing. With our AI Data Analyzer Solution for Streamlined Processes on Claim Platforms, we automated extraction of key information from complex documents, reducing errors and boosting productivity.
• A Fortune 500 Insurance company faced limitations with its legacy SSRS reporting system, including restricted information, limited data handling capabilities, and poor data visualization. Bitwise helped the firm with Migration of Insurance Claim and Policy Dashboards from SSRS to Power BI, significantly improving the organization's data analysis and visualization capabilities.
• We assisted a U.S.-based company that markets and underwrites specialty Insurance products and programs to a variety of niche markets. By Extracting Unstructured Data from 1000s of PDFs using Automation and OCR, we helped enhanced overall data quality and analysis.

Get Your Insurance Data Ready for AI

To harness the power of AI in the Insurance industry, it's essential to prepare your data. This involves ensuring data quality, integrating disparate sources, establishing robust governance, and engineering meaningful features. By addressing these foundational steps, insurers can effectively train and deploy AI models for tasks like fraud detection, risk assessment, customer segmentation, predictive analytics, and automated customer support.

Bitwise offers a comprehensive solution to accelerate data modernization to ensure AI readiness. With our ETL Migration solutions we automate the migration of legacy ETL tools like SSIS, DataStage, Informatica, Ab Initio, etc. to cloud-native services including Azure Data Factory and AWS Glue or PySpark running in Azure Databricks, Microsoft Fabric, EMR, etc. Similarly, legacy BI reports present limitations for companies looking to leverage advanced analytics and AI. Our BI Modernization solutions transform legacy business intelligence reports to harness the full potential of your data.

Don't miss out on the future of Insurance. Contact us today.

Stay safe and talk to you soon, 

Bitwise Newsletter Team