How Aegon Blue Square Re transformed their data processing to increase efficiency by 33%
Aegon Blue Square Re (BSR) is the captive reinsurer for the $31bn multinational insurer Aegon Group, handling contracts from across the Group’s numerous regional entities.
Aegon Group works with numerous policy administration systems which results in hundreds of spreadsheets – all with different structures and standards. The volume of these constantly updating spreadsheets amounts to millions of rows per month, far exceeding quantities that could be efficiently managed manually.
Aegon BSR needed to bring these inconsistent data sources into a single harmonised dataset in order to monitor, analyse and feed downstream systems with clean data. They had seen the cumbersome nature of traditional data warehousing solutions in the industry and wanted a future-proof cloud-based platform that offered flexibility as well as auditability.
After onboarding, the client used Quantemplate’s ‘integrate’ tool to configure joins, mappings, and transformations to populate a central dataset for global level premium and claims. The ‘zero coding’ interface allowed the team to accomplish this by freely exploring, testing and implementing changes in seconds.
The streamlined system allows for instant querying with Quantemplate’s ‘analyse’ tool and near straight-through processing for subsequent spreadsheets, aided by machine learning mapping suggestions.
- Improved data processing efficiency by 33% while handling 60% more data – a 2.4x increase in data throughput.
- Gained insights from 650 unique spreadsheets containing exposure and pricing adequacy data to identify most and least profitable lines of business.
- Quantemplate’s ‘Validation’ features increased data confidence which allowed insights to be used to set pricing assumptions.
- Data is in a much better condition to meet regulatory requirements by enabling oversight of the transformation processes.
Quantemplate has given us the data confidence needed to take action with the insights we discover.
We are now efficiently monitoring exposures in Aegon Blue Square Re and interrogating data at a granular level through a much more streamlined and auditable process.
Danny Verboom, Head of Operations – Aegon Blue Square Re