Read on our blog the benefits of LeanXcale on financial and insurance data pipelines!

Insurance and financial industries are taking advantage of new technologies to improve their efficiency. For example, applications can now perform more complex risk and debt analyses and more quickly generate more accurate forecasts by leveraging artificial intelligence and machine learning.

Implementing these advanced tools requires a powerful database. Large volumes of data must be ingested from several sources and processed immediately to allow for more time to compute or execute the requested task or provide real-time analysis, such as identifying operational risk or the credit quality of a borrower. These types of computations also require an ACID database that can guarantee the consistency of the data and provide an easy-to-use SQL interface to integrate all internal and external corporate development platforms.

Problem: Finance and insurance companies have to process a lot of information from different sources in a short window of time. They do this to estimate the risk they are assuming so they can be sure to have enough reserved capital in case any unexpected situations arise.

The benefit of LeanXcale: Companies gain the capacity to process more information in less time, therefore improving their risk forecasting.

The value of LeanXcale: Because the data pipeline can process all the available information, the precision of the forecast increases, and the company will require less capital to cover the risk. This may dramatically increase the company’s profitability.

Problem: Finance and surety insurance organizations must estimate the creditworthiness of persons and organizations to determine whether to give or deny credit. Usually, they process the information in batches, leaving empty time windows with no processed information. These batches are heavy and subject companies to the trade-off between higher batch processing frequencies with no operational database impact and the risk of not completing the process within the required time frame.

The benefit of LeanXcale: Organizations can process more information in less time — even in real time.

The value of LeanXcale: Because more information can be processed in less time, the information considered is fresher and therefore more accurate and valuable. This reduces the average default rate, therefore increasing profitability.

Problem: Financial services must recover customer debt. They pre-process debt information in batches and use different media to recover these funds — for example, phone calls, SMS, and e-mail. The longer the pre-processing time, the shorter the recovery time. They also compute KPIs to optimize the recovery team’s performance.

The benefit of LeanXcale: Real-time KPIs can optimize the recovery team (e.g., deciding when to switch a team member from phone calls to training other team members).

The value of LeanXcale: LeanXcale boosts the performance and efficiency of the recovery team.

Problem: Companies optimize their marketing campaigns with all the available information to segment, identify “in-market” profiles, and personalize messages and offers. If this process is long (e.g., days), companies spend less time running sub-optimal campaigns (e.g., a 10-day delay in a monthly process means 1/3 of the marketing is done with obsolete data).

The benefit of LeanXcale: Marketing and business teams can run optimal marketing campaigns with the available data.

The value of LeanXcale: Customer Acquisition Costs (CACs) are reduced.

Problem: Successful financial and insurance companies are data-driven organizations that make decisions considering all the information available. However, the volume of data and the update velocity — plus the complexity of their algorithms and metrics — make it difficult to process all the information in real time. Executives then need days to access to the most accurate data, which harms the quality of their decisions.

The benefit of LeanXcale: Information can go through intake, processing, and querying and be represented in real time in your corporate BI.

The value of LeanXcale: The executive team can make informed decisions at any time.