Single source of truth improves collaboration and bottom line results
Sompo Asia has created what it refers to as “One Source of Truth” using Tableau. This source of truth helps to create a common understanding between teams on what’s required to meet the goals and objectives of the business. For example, marketing and pricing teams can have more productive discussions about pricing based on factual data on competitor pricing and profitability.
In addition, Sompo Asia has adopted four key pillars for data-driven decision-making. These pillars include:
- Data Systems Architecture: Making data accessible and simplifying the experience for users
- Data Governance: Data quality, security and reach
- Data Analysis: Enabling and drawing insights for business usage
- Business Usage: Drive commercial outcomes
“Data removes ambiguity from discussions and speeds up the decision-making process, therefore driving more productivity and engagement in meetings,” said Aditya.
Sompo Asia now uses data to inform all kinds of decisions and to identify ways to improve the customer experience and growth. Tableau supports the business by simplifying analysis of financial, operational, industry, and policy and claims data. It is therefore easier to identify things like which segments are most profitable and subsequently change pricing or marketing strategies to increase market share.
The benefits of Sompo Asia’s data journey are reflected in its financial results. These include a more than 6% increase in profitability of motor insurance in some key markets.
Sompo Asia plans to build on these benefits with a focus on increasing Tableau usage amongst existing users first. It also sees data analytics evolving towards self-service and more automated intelligence.
“Data is even more critical for insurance companies as we not only use it for various operational and strategic reasons, but we rely on it to predict future outcomes. As the data structures and quality improve, more and more companies will be able to automate the insights that can be drawn,” said Aditya.