Net premium income
Teradata Vantage on AWS is at the center of Mitsui Sumitomo Insurance.
The first step in data integration was to decommission siloed data warehouses and data marts, integrate data scattered across the company, and have the data aggregated on an enterprise cloud data platform where everything could be managed in a centralized manner. An integrated data platform capable of high-performance, at enterprise scale, is required to handle the workloads, data volumes, and data types coming from various users and applications. While assessing multiple cloud vendors, Mitsui Sumitomo Insurance noticed that many were unable to offer expanded functionality to meet actual workload demand, meaning that the vendors would be unable to satisfy the SLAs required by business stakeholders. Future-proofing was also essential given that progress in their digital transformation means a dramatic increase in users, connected applications, data volumes, data types, and data sources.
Combining people and technology.
Mitsui Sumitomo Insurance sees its agents as crucial distribution channels. And digital transformation has the potential to revolutionize the B-to-B-to-C model. Insurance is different from general consumer goods, which can be purchased online or in-store without there being a considerable difference between the two in terms of the choices available. Insurance is a product that people purchase only after considering factors such as whether it really meets their own needs, whether there is any waste involved, and whether the accident coverage provided is sufficient. Therefore, appropriate advice provided by agents has a huge impact on premium income.
RisTech opens up new insurance markets.
Mitsui Sumitomo Insurance is also focusing on what it calls RisTech. The company coined the term by combining the words “risk” and “technology.” In the past, doing a risk analysis meant visualizing the risk of companies or individuals, preventing accidents, and minimizing any damage that would occur when accidents do happen. In other words, risk analysis was limited to the purpose of supporting traditional insurance products and services. With RisTech, however, the company aims to enhance its conventional risk analyses by mixing large amounts of its own data with external data obtained from client companies and other sources, identify potential markets in fields which were not covered by insurance despite existing risks, and contribute to the solving of societal issues. That includes, for instance, natural disasters, cyberattacks, the collapse of deteriorating infrastructure, and the unforeseen spread of infectious diseases in cases where biotechnology has been adopted. Through RisTech, Mitsui Sumitomo Insurance is working to produce visualizations, based on data integrated in Teradata, pertaining to areas which conventionally have not been covered by insurance, continuing the company’s digital transformation.
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