The Client Domain.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
Challenges.
In order to enhance the alignment between products and customers, ensure better compliance, and maximize the value derived from its data, this insurance company embarked on a journey to optimize the utilization of its existing AWS cloud infrastructure. The primary goal was to enhance the data collection and calculation processes associated with its life insurance policies.
At the time, the company’s data was being collected, processed, and analyzed in various isolated systems, resulting in a lack of a comprehensive view of the overall risk and compliance status. Moreover, as the number of data consumers within the organization increased, managing access to the data became progressively challenging.
To address these issues, the insurance company sought to refine its data management practices. By consolidating the data gathering, processing, and analysis into a centralized system, they aimed to achieve a more accurate and holistic understanding of risk and compliance. This centralization would allow for efficient control and governance of data access, alleviating the challenges posed by expanding data consumer roles.
In essence, the company’s objective was to optimize the use of AWS cloud resources to streamline data operations, improve risk assessment, enhance compliance adherence, and leverage data for informed decision-making.
The Solution.
iPivot established a strong and collaborative partnership with the customer, actively sharing best practices and industry insights to drive continuous improvement in the organization’s AWS environment. Together, they focused on optimizing the customer’s AWS posture and maximizing the value derived from the cloud.
To initiate the engagement, iPivot conducted a thorough architectural review of the customer’s existing AWS environment. This assessment enabled iPivot to gain a comprehensive understanding of how the organization was utilizing the cloud and identify areas for enhancement.
Subsequently, iPivot developed a proof of concept for an AWS Data Lake, serving as a centralized repository for multiple data sources. The strategic combination of these sources facilitated valuable insights and analysis. The solution incorporated various technologies, including an S3-based Data Lake, AWS Glue for ETL services, AWS Lambda functions, and Elasticsearch.
iPivot established a strong and collaborative partnership with the customer, actively sharing best practices and industry insights to drive continuous improvement in the organization’s AWS environment. Together, they focused on optimizing the customer’s AWS posture and maximizing the value derived from the cloud.
To initiate the engagement, iPivot conducted a thorough architectural review of the customer’s existing AWS environment. This assessment enabled iPivot to gain a comprehensive understanding of how the organization was utilizing the cloud and identify areas for enhancement.
Subsequently, iPivot developed a proof of concept for an AWS Data Lake, serving as a centralized repository for multiple data sources. The strategic combination of these sources facilitated valuable insights and analysis. The solution incorporated various technologies, including an S3-based Data Lake, AWS Glue for ETL services, AWS Lambda functions, and Elasticsearch.
Key Products/Services Used.
The Impact.
The implementation of this AWS Data Lake model represents a groundbreaking development in the insurance industry, surpassing conventional approaches by incorporating novel elements such as genomic data and hyper-individualized data collection. By including these cutting-edge components, the proof of concept demonstrates the company’s forward-thinking approach and commitment to innovation.
As the proof of concept progresses towards full-scale implementation, it holds the potential to revolutionize the company’s operations and enable them to execute on a larger scale. The Data Lake’s robust infrastructure and advanced analytics capabilities will empower the organization to provide highly relevant insurance products tailored to individual customers, leveraging the wealth of genomic and hyper-individualized data. This comprehensive and granular understanding of customers’ needs and risk profiles will enable the company to deliver more accurate pricing for its insurance offerings.
By harnessing the power of this AWS Data Lake model, the insurance company will be at the forefront of the industry, pioneering a new era of data-driven insurance practices. This transformational approach promises to deliver significant value, both for the company itself and for its customers, by offering more personalized, precise, and competitively priced insurance products.
By replacing its siloed solution, the organization achieves:
- Efficient ingestion and discovery of data from various sources.
- Interdisciplinary compliance management.
- Optimal information risk management.
- iPivot’s Managed Services provide proactive continuous improvement and secure utilization of new and existing capabilities.
7 Reasons why you should bid farewell to On-Premise Data Centre and move to Cloud in 2023
Cyber Security threats in Cloud-Native Applications: How attacks can lead to data breaches, system instability, and operational disruption
