IoT Implementation in Property and Casualty Insurance: A Case Study
Use Cases
- Inventory Management
About The Customer
The customer in this case study is a leading organization in the property and casualty insurance industry. They are responsible for managing a vast amount of data, including millions of data records and hundreds of databases. The organization also has to fulfill numerous data owner requests every week. They were looking for solutions to improve efficiency, manage data owner requests without expanding their staff, and improve their audit reporting process. They also wanted to gain better visibility into personal data for effective risk management.
The Challenge
The organization, a leader in the property and casualty insurance industry, was grappling with the challenge of scaling data discovery across millions of data records. They were also tasked with monitoring hundreds of databases and fulfilling numerous data owner requests every week. The existing manual processes were time-consuming and inefficient, often taking up to four weeks to complete a single data inventory task. The organization was also struggling with managing data owner requests without expanding their staff. Additionally, the audit reporting process was cumbersome and inefficient, leading to a significant amount of time being spent on audit documentation.
The Solution
The organization turned to IoT and automation to address these challenges. They implemented an automated discovery tool that drastically reduced the time taken for data inventory tasks. What previously took four weeks was now completed in just two days. This not only improved efficiency but also freed up resources for other critical tasks. To manage data owner requests more effectively, they implemented an efficient process that eliminated the need for hiring new staff. This was a significant cost-saving measure for the organization. They also improved their audit reporting by automating the process. This led to a 70% reduction in audit documentation time, further enhancing efficiency. Lastly, they implemented a centralized platform for better risk management. This platform provided visibility into personal data, enabling the organization to manage risks more effectively.
Operational Impact
Quantitative Benefit
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