It is a central database for collecting, storing, and connecting all sorts of big data in insurance from different sources — customer information, claims data, and market trends.
DATAFOREST sets up a centralized data repository (Data Lake) and implements data integration techniques, including ETL (Extract, Transform, Load) processes, to collect, clean, and integrate data from multiple sources.
For insurers, it's like having a treasure trove of information at their fingertips. It makes better decisions, understands customer needs, and effectively manages risks.
AIG (United States) uses data lakes and data integration to consolidate data from its global operations. It assesses risk more accurately and offers tailored insurance solutions to customers worldwide.
Prudential (United Kingdom) employs the solution to combine customer data with financial market data. It makes investment decisions for their policyholders more efficiently and optimizes portfolios.
Allianz implemented it by creating a centralized data platform that integrates policyholder data, claims data, and market data from various European markets.
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