Insurance Case Study | Accumulation Back-End API
The largest first insurer in the world reduced costs by 80% and drastically improved performance by replacing their existing GIS Server with Qarta™ geo engine
"Quarticle’s geospatial intelligence platform allowed us to harmonize our application landscape. Finally, we can centrally manage all geospatial workflows and drive efficiency and effectiveness across our underwriting workflows. Providing our customers and brokers these significantly better and faster services not only saves operating costs, but also improves our underwriting decisions, and increases our margins – it allows us to provide the best-in-class experience to our users."
Insurance Case Study | Accumulation Back-End API
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The Company
Our client is the largest first direct insurance company in the world with over 150 000 employees headquartered in Munich, Germany. They are a market leader in the insurance, reinsurance, and asset management markets. Their mission is to help customers live life with confidence and safety by offering high-quality solutions that exceed client expectations.
The Challenges
The client was experiencing significant problems with their former solution when it came to carrying out effective underwriting and portfolio analytics. Additional challenges included:
- - Frequent outages, service unavailability and instability, and multiple failures; the previous server could not cope with a large number of requests
- - The speed of delivery: they had to wait for hours to get a simple map overlay or accumulation result
- - Very high costs: their previous solution charged on a per-core basis, resulting in over-provisioning and higher costs overall. All of these challenges resulted in delays and frustration experienced by many stakeholders, inefficient work performed by underwriters, and missed business opportunities.
The Solution
The client replaced 170 servers with 1 server cluster due to Quarticle, improving operational efficiency and reducing hardware and operating costs
Due to its automatic distribution of the workload through a load balancer to all available nodes, our solution (Qarta™) was not only faster process-wise, but it also provided a seamless experience for users, with full system stability, no outages, and no service unavailability. The solution created by Quarticle resulted in overall fewer missed business opportunities, no frustration, and clear and efficient usage by each stakeholder.
The client was able to reduce costs by 80% because we have a consumption-based model. Quarticle did not charge per tenant or user basis allowing the customer to be highly scalable and elastic and giving them the flexibility to roll out the solution to multiple legal affiliates and their respective user base.
The Results
Quarticle provided an accumulation back-end API that was cloud-ready and enterprise-ready, served P&C risk models data to downstream systems with high efficiency and speed (22x faster in terms of requests per second than the previous solution) in the renewal season and supported monthly and quarterly business peaks on a Microsoft Azure flexible infrastructure. Costs were reduced by 80% with our consumption-based model. The Quarticle team fully met their 6-month objectives and deadlines when working with the client who extended the partnership to a long-term commitment.