Grand Data Structuring Project for Deep Financial Insights on Demand
USA
- 1+ year
Insurance giant embarks on a holistic data structuring project
Our client is an award-winning insurance major operating in the US and European markets. The carrier chose Symfa to carry out a series of renovation projects as a part of their digital transformation initiative, to which this project belongs.
In order to facilitate analytics for their financial and operational lines, the client embarked on a huge data structuring endeavor. The project covers several insurance business lines (warranty servicing, P&C, M&C, ATE insurance, Accident & Health insurance). The vast amount of data used to come each month to the client’s European offices from authorized agents, all in disparate formats. The project goal was to streamline the data flow and provide the client’s talents with clean data for insightful reports.
On top of that, although the financial reporting storage systems in the client’s European offices were functioning well, the regulator demanded they should be updated.
Thus, the client came to the conclusion that the time has come for a large-scale system renovation. We’ve been partnering with the client on similar projects for a couple of years before, so they were comfortable entrusting us with this large system revamp.
Efficient reuse of the existing architecture patterns
For the primary solution design, it was decided to reuse the existing system architecture patterns that were already in use in the client’s offices in the US. The solution proved efficient and trustworthy to be scaled to other client’s offices across the Atlantic.
A common data processing flow was created for all the data sources. The data processing flow is now separated into three stages:
Staging: Agent data reclassification, processing and validation.
Data transfer: Match the new agent data with the existing agent data over the past period.
Main data processing: Data goes through the standardization procedure to be later uploaded to the client’s DWH.
From here, client’s talents can use it to create reporting as simple tables or charts, graphs and bubbles using available data visualization tools.
Data processing flow incorporated into a business workflow
Technologies
Transparency enablement for a team of twenty
To deliver the system requires great combined effort of a large dedicated team comprising both client’s and Symfa’s talents. From the Symfa's part, it’s 4 Business Analysts, 3 QA Engineers and 12 Software Engineers working on the project full-time. Delivery Managers coordinate the input from both teams.
- The Symfa team provides detailed documentation on their section of the project for the client.
- An onboarding framework has also been developed specifically for this project in the same manner as we do it for all larger endeavors delivered by our teams.
- The team follows clear communication and knowledge sharing patterns, so that each talent is well aware about the type of tasks that they may be in charge of and the planned scope of work.
Project growth through motivated synergetic teamwork
The project has been under way for 1.5 years now, during which the client’s legacy system saw a lot of improvement from the combined effort of the distributed global team. The client appreciates efficiency and predictable results in the team’s work, which to a great extent is due to quality business analysis done on the project.
Symfa is known for its meticulous approach to documentation and requirements elicitation, starting from the Presales stage and well throughout the project. After a positive working experience on a series of projects, the client was safe introducing four of our Business Analysts into their business logic.
All in all, this particular project has been a crown jewel in our nearly two-year partnership effort with this client. From 1 to 2 engineers doing simple fixes in 2021 to a fully-fledged dedicated team covering all the SDLC processes, this project showcases how strong and reliable the relations are that we develop with our clients.
To streamline the work of a team of 19 people is no easy job. That’s why we’ve established clear rules for everyone to follow – consistency and clarity in the way we use Scrum boards, tags and the way we communicate in the project chats. Besides that, you really cannot overestimate the value of thorough documentation and a healthy onboarding process for the new-comers.
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