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Insurance Profitability Analysis Tool

Insurance Profitability Analysis Tool

This project involved developing a tailor-made data analysis tool for a U.S. insurance provider who were facing challenges analyzing a significant volume of data. The Client needed a professional and customized solution which would enable effective analysis of their data and provide actionable insights to improve their business operations. Our solution delivers real-time processing of data, flexible filtering capabilities through dashboards, and also supports dashboards detailing the evaluation of insurance loss or profit by industry vertical. Additionally, a predictive model for profitable insurance cases was built using historical data, and a reporting system was created to show significant factors and profitability based on different metrics.

> 10TB

data processed

89%

accuracy improvement
Insurance Profitability Analysis Tool case preview image

About the client

The client is a U.S. insurance provider that leverages patented analytical methods and unique data sources to more accurately evaluate risks to homes and properties. Their technology-driven platform streamlines the insurance buying process, offering a superior user experience for both homeowners and independent agents. Using only a property address, they can generate an insurance quote and customised policy in just a few seconds.

Tech stack

Pandas icon
Pandas
Dash icon
Dash
Numpy icon
Numpy
TensorFlow icon
TensorFlow
Pyspark icon
Pyspark

The client's needs

The client is facing challenges analyzing a significant volume of data stored in tabular form. The data could not be readily analyzed to determine the profitability of insurance provision in specific cases or to predict profitable insurance cases. 

To address these issues, the client required a custom tool that enables real-time processing of data and offers flexible filtering capabilities through dashboards. The tool needed to support the evaluation of insurance loss or profit by industry through dashboards. Predictive profitability modeling required the development of a predictive model.


The project's primary goal is to create a comprehensive reporting framework, utilising graphs which allow the client to understand which factors are significant and to what extent they have gained or lost with each customer. The visualization of insurance metrics needed to showcase how much the company gains or loses by providing services based on these metrics. For example, the tool should reveal that insuring brick houses is more profitable for the client than insuring wooden houses. Similarly, the solution should highlight that houses built between 5-6 years ago are more profitable to insure than those built 7-8 years ago.

Challenges & solutions

Challenge

Develop a customized data analysis tool that enables real-time processing of data and flexible filtering capabilities through dashboards.

Solution

We developed a tool based on the open-source Python library dash-plotly that processes client data in real-time and offers customizable dashboards with filters and formulas. End-users can choose filters based on their unique requirements to view and analyze the data.

Challenge

 Build a predictive model for profitable insurance cases using historical data.

Solution

We developed a predictive model that considers various factors, including the type and age of the house, to identify profitable insurance cases. 

For both classification and regression tasks, we utilized the Random Forest algorithm. 

Additionally, we visualized the most influential features on profit vs. loss to gain insights into the factors that significantly affect the model's predictions. To construct the model, we utilized a dataset containing features and loss values as targets. We took great care to carefully select and preprocess the features, as well as address any missing or category data, to ensure the model's accuracy.

Challenge

Create a reporting system that generates graphs to show significant factors and the profitability of providing insurance services based on different metrics. The visualization should show insurance metrics in the form of graphs.

Solution

The reporting system we developed was based on the dash-plotly library. This library generates reports in the form of graphs to show significant factors and profitability based on different metrics.

Challenge

Process a large amount of data (10 TB) promptly.

Solution

Our solution addresses the data volume issues by correctly implementing multiprocessing methods. Accessing the data through the Postgres database when querying took less than 2 seconds.

Challenge

Optimize dashboard design and loading speed using the dash-plotly library.

Solution

We used the dash-plotly library for optimal dashboard design and fast loading speed. By leveraging dash-plotly mechanisms and processing data sequentially, switching between analysis pages took less than 1 second.

Challenge

Address file size limitations with file uploading.

Solution

The built-in dash-uploader widget does not have file size limitations.

Challenge

Optimize real-time tool performance for large amounts of data.

Solution

Our approach pre-calculated the combinations of filters that take the longest time and recorded them in a database table with a name corresponding to the filter combination with data. When selected, we query the database to retrieve the pre-calculated data set.

Challenge

Split continuous data into equally valued bins for proper graphical display.

Solution

We used the aggregated value of the target function to determine optimal data segments for displaying continuous data on a graph.

Results

DATAFOREST delivered a customized data analysis tool to the client that allows for real-time analysis of their data. This system performs responsively even during the processing of new files. The client can track the system's processing progress via Slack notifications and use the flexible application system to build various reports according to their analysis needs. The tool visualizes tabular data as graphs, enabling the client to objectively assess the profitability or losses of insuring different industries, leading to an increase in the company's revenue from profitable insurance policies. Furthermore, the client can independently upload data files through the tool's page or code and select filters for their analysis needs. They can also download the report in PDF format.

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Great work! The team provided an excellent solution for consolidating our data from multiple sources and creating valuable insights for our business.

Sean B. photo

Sean B.

CEO Insurance provider

Steps of providing
data scraping services

Consultation icon

Step 1 of 5

Free consultation

It's a good time to get info about each other, share values and discuss your project in detail. We will advise you on a solution and try to help to understand if we are a perfect match for you.
Analysis icon

Step 2 of 5

Discovering and feasibility analysis

One of our core values is flexibility, hence we work with either one page high level requirements or with a full pack of tech docs.  At this stage, we need to ensure that we understand the full scope of the project. Receive from you or perform a set of interviews and prepare the following documents: list of features with detailed description and acceptance criteria; list of fields that need to be scraped, solution architecture. Ultimately we make a project plan which we strictly follow. We are a result-oriented company, and that is one of our core values as well.
Solutions icon

Step 3 of 5

Solution development

At this stage, we develop the scraping engine core logic. We run multiple tests to ensure that the solution is working properly. We map the fields and run the scraping. While scraping, we keep the full raw data so the final model can be enlarged easily. Ultimately we store data in any database and run quality assurance tests.
Data delivery icon

Step 4 of 5

Data delivery

After quality assurance tests are completed, we deliver data and solutions to the client. Though we have over 15 years of expertise in data engineering, we expect client’s participation in the project. While developing and crawling data, we provide midterm results so you can always see where we are and provide us with feedback. By the way, a high-level of communication is also our core value.
Support improvement icon

Step 5 of 5

Support and continuous improvement

We understand how crucial the solutions that we code for our clients are! Our goal is to build long-term relations, so we provide guarantees and support agreements. What is more, we are always happy to assist with further developments and statistics show that for us, 97% of our clients return to us with new projects.

How we provide data integration solutions

Consultation icon

Step 1 of 5

Free consultation

It's a good time to get info about each other, share values and discuss your project in detail. We will advise you on a solution and try to help to understand if we are a perfect match for you.
Analysis icon

Step 2 of 5

Discovering and feasibility analysis

One of our core values is flexibility, hence we work with either one page high level requirements or with a full pack of tech docs.  

At this stage, we need to ensure that we understand the full scope of the project. We receive from you or perform a set of interviews and prepare the following documents: integration pipeline (which data we should get and where to upload), process logic (how system should work); use cases and acceptance criteria; solution architecture. Ultimately we make a project plan which we strictly follow.
Solutions icon

Step 3 of 5

Solution development

At this stage, we build ETL pipelines and necessary APIs to automate the process. We attract our DevOps team to build the most efficient and scalable solution. Ending up with unit tests and quality assurance tests to ensure that the solution is working properly. Focus on Results is one of our core values as well.
Data delivery icon

Step 4 of 5

Solution delivery

After quality assurance tests are completed, we deliver solutions to the client. Though we have over 15 years of expertise in data engineering, we are expecting client’s participation in the project. While developing the integration system, we provide midterm results so you can always see where we are and provide us with feedback. By the way, a high-level of communication is also our core value.
Support improvement icon

Step 5 of 5

Support and continuous improvement

We understand how crucial the solutions that we code for our clients are! Our goal is to build long-term relations, so we provide guarantees and support agreements. What is more, we are always happy to assist with further developments and statistics show that for us, 97% of our clients return to us with new projects.

Steps of providing web applications services

Consultation icon

Step 1 of 7

Web development discovery

In the initial stage of the web-based development project, professional business analysts make detailed documentation of the project requirements and the approximate structure of the future web application. DATAFOREST is a custom web application development agency, guided by extensive experience in multiple industries. We give you detailed project documentation and then assemble the team according to your time and budget.
Analysis icon

Step 2 of 7

UX and UI design

Based on your wishes, the needs of your target audience, and the best web application design and development practices, our UX and UI experts create an aesthetically pleasing and user-friendly interface for your app to satisfy even the most demanding users.
Solutions icon

Step 3 of 7

Web-based application development

At DATAFOREST we are following the best programming design principles and approaches. Being a data engineering company, we build high load platforms, with a significant level of flexibility and result orientation. We keep our deadlines and follow SOC 2 compliance requirements.
Data delivery icon

Step 4 of 7

Integration

With DATAFOREST, integrating the application into your business won’t stop your processes for a minute. We provide seamless integration with your software infrastructure and ensure smooth operation in no time.
Quality assurance icon

Step 5 of 7

Quality assurance

We use a multi-level quality assurance system to avoid any unforeseen issues. Working with DATAFOREST, you can be confident that your web app development service solutions arrive to the market polished and in full compliance with all certification requirements.
Support improvement icon

Step 6 of 7

24/7 support

Once a product is released to the market, it’s crucial to keep it running smoothly. That’s why our experts provide several models of post-release support to ensure application uptime and stable workflows, increasing user satisfaction.
Web app improvement icon

Step 7 of 7

Web app continuous improvement

Every truly high-quality software product has to constantly evolve to keep up with the times. We understand this, and therefore we provide services for updating and refining our software, as well as introducing new features to meet the growing needs of your business and target audience.

The way we deal with your task and help achieve results

Consultation icon

Step 1 of 5

Free consultation

It's a good time to get info about each other, share values and discuss your project in detail. We will advise you on a solution and try to help to understand if we are a perfect match for you.
Analysis icon

Step 2 of 5

Discovering and feasibility analysis

One of our core values is flexibility, hence we work with either one page high level requirements or with a full pack of tech docs.  

In Data Science, there are numerous models and approaches, so at this stage we perform a set of interviews in order to define project objectives. We elaborate and discuss a set of hypotheses and assumptions. We create solution architecture, a project plan, and a list of insights or features that we have to achieve.
Solutions icon

Step 3 of 5

Solution development

The work starts with data gathering, data cleaning and analysis. Feature engineering helps to determine your target variable and build several models for the initial review. Further modeling requires validating results and selecting models for the further development. Ultimately, we interpret the results. Nevertheless, data modeling is about a process that requires lots of back and forth iterations. We are result focused, as it’s one of our core values as well.
Data delivery icon

Step 4 of 5

Solution delivery

Data Science solutions can be a list of insights or a variety of different models that consume data and return results. Though we have over 15 years of expertise in data engineering, we expect client’s participation in the project.  While modeling, we provide midterm results so you can always see where we are and provide us with feedback. By the way, a high-level of communication is also our core value.
Support improvement icon

Step 5 of 5

Support and continuous improvement

We understand how crucial the solutions that we code for our clients are! Our goal is to build long-term relations, so we provide guarantees and support agreements. What is more, we are always happy to assist with further developments and statistics show that for us, 97% of our clients return to us with new projects.

The way we deal with your issue and achieve result

Consultation icon

Free consultation

Step 1 of 5

It's a good time to get info about each other, share values and discuss your project in detail. We will advise you on a solution and try to help to understand if we are a perfect match for you.
Analysis icon

Step 2 of 5

Discovering and feasibility analysis

One of our core values is flexibility, hence we work with either one page high level requirements or with a full pack of tech docs.  

Depending on project objectives, DevOps activity requires auditing the current approach, running metrics measurement, performing monitoring and checking logs. By having a set of interviews, we ensure that we understand the full scope of the project. Ultimately we make a project plan which we strictly follow. We are a result-oriented DevOps service provider company, and that is one of our core values as well.
Solutions icon

Step 3 of 5

Solution development

At this stage, our certified DevOps engineers refine the product backlog. We deliver great results within digital transformation, cost optimization, CI/CD setup, containerization, and, last but not least, monitoring and logging. We are a result focused company – it’s one of our core values.
Data delivery icon

Step 4 of 5

Solution delivery

After quality assurance tests are completed, we deliver solutions to the client. Though we have over 15 years of expertise in data engineering, we expect client’s participation in the project. By the way, a high-level of communication is also our core value.
Support improvement icon

Step 5 of 5

Support and continuous improvement

We understand how crucial the solutions that we code for our clients are! Our goal is to build long-term relations, so we provide guarantees and support agreements. What is more, we are always happy to assist with further developments and statistics show that for us, 97% of our clients return to us with new projects.

Success stories

Check out a few case studies that show why DATAFOREST will meet your business needs.

Stock relocation solution

The client was faced with the challenge of creating an optimal assortment list for more than 2,000 drugstores located in 30 different regions. They turned to us for a solution. We used a mathematical model and AI algorithms that considered location, housing density and proximity to key locations to determine an optimal assortment list for each store. By integrating with POS terminals, we were able to improve sales and help the client to streamline its product offerings.
10%

productivity boost

7%

increase in sales

Mark S. photo

Mark S.

Partner Pharmacy network
View case study
Stock relocation preview
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The team reliably achieves what they promise and does so at a competitive price. Another impressive trait is their ability to prioritize features more critical to the core solution.

Supply chain dashboard

The client needed to optimize the work of employees by building a data source integration and reporting system to use at different management levels. Ultimately, we developed a system that unifies relevant data from all sources and stores them in a structured form, which saves more than 900 hours of manual work monthly.
900h+

manual work reduced

100+

system integrations

Michelle Nguyen photo

Michelle Nguyen

Senior Supply Chain Transformation Manager Unilever, World’s Largest Consumer Goods Company
View case study
Supply chain dashboard case image
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Their technical knowledge and skills offer great advantages. The entire team has been extremely professional.

Performance Measurement

The Retail company struggled with controlling sales and monitoring employees' performance. We implemented a software solution that tracks sales, customer service, and employee performance in real-time. The system also provides recommendations for improvements, helping the company increase profits and improve customer service.
17%

increase in sales

15%

revenue boost

Amir R. photo

Amir R.

CEO Fashion Retailer
View case study
Performance Measurement preview
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They easily understand industry-specific data and KPIs, and their efficiency as a team allows them to deliver results quickly.

Client Identification

The client wanted to provide the highest quality service to its customers. To achieve this, they needed to find the best way to collect information about customer preferences and build an optimal tracking system for customer behavior. To solve this challenge, we built a recommendation and customer behavior tracking system using advanced analytics, Face Recognition, Computer Vision, and AI technologies. This system helped the club staff to build customer loyalty and create a top-notch experience for their customers.
5%

customer retention boost

25%

profit growth

Christopher Loss photo

Christopher Loss

CEO Dayrize Co, Restaurant chain
View case study
Client Identification preview
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The team has met all requirements. DATAFOREST produces high-quality deliverables on time and at excellent value.

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