Hannover Re Improves Business Insights and Customer Service by using the MarkLogic® Database
Company Size
1,000+
Country
- Germany
Product
- hr | Reflex
- MarkLogic Database
Tech Stack
- Cloud-based analytic application
- Data Warehouse
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Application Infrastructure & Middleware - Database Management & Storage
- Platform as a Service (PaaS) - Data Management Platforms
Services
- Cloud Planning, Design & Implementation Services
- Data Science Services
About The Customer
Hannover Re, with gross premium of around EUR 17 billion, is the third-largest reinsurer in the world. It transacts all lines of property & casualty and life & health reinsurance and is present on all continents with around 2,500 staff. Established in 1966, the Hannover Re Group today has a network of more than 100 subsidiaries, branches, and representative offices worldwide. As part of its reinsurance service portfolio, Hannover Re offers the next generation of automated underwriting solutions with hr | Reflex - an innovative combination of point of sale and risk assessment systems specifically targeted at primary insurers looking to deploy all-digital insurance products or adding online and mobile channels to their sales.
The Challenge
Hannover Re, the third-largest reinsurer in the world, wanted to add a powerful Management Information (MI) aspect to its reinsurance service portfolio. The company aimed to help its clients access all relevant data in a 360-degree view to analyze risks and make risk-adequate decisions. The challenge was to integrate and manage massive amounts of diverse data produced at the point of sale, which is heterogeneous and contains unstructured content such as lab reports and scanned images. Hannover Re also wanted to reduce administrative burdens with a fully integrated system that could provide all functionality in a consistent way without adding operational complexity. The company also aimed to deliver an exceptional user experience by making all data points fully available via integrated search to analyze risk profiles, uncover previously hidden risk patterns and offer options to clients to improve their business operations. Lastly, due to the sensitive nature of the data, security was a significant concern for Hannover Re.
The Solution
Hannover Re chose the MarkLogic database as the underlying database and storage layer for an analytic application that is part of the hr | Reflex product suite. The cloud-based analytic application offers a 360-degree view of all relevant information and is provided in as SaaS to clients around the globe. The MI component provides superior analytic capabilities for client data collected in a central data warehouse. For every hr | Reflex installation deployed at a client, MI collects the data resulting from insurance applications as they travel through the different stages of the digital insurance sales process. At any stage, information is recorded (e.g. health conditions of an applicant), which can be analyzed to improve the understanding of the aggregated risk profiles that go on the books of the primary and the reinsurer. The solution provides the ability to analyze all details submitted during the online application process, including any health details declared by an applicant for a life insurance policy.
Operational Impact
Quantitative Benefit
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