Risk assessment needed to be data-driven.
Risk assessment is at the heart of an insurance company’s profitability. As insurers’ business processes become increasingly digital, risk assessment can rely on much larger quantities of data. Human rules of thumb and heuristics can be replaced or at least augmented with data-driven insights. Assessing risk more efficiently and effectively by eliminating redundancies, drawing on new and existing data sources, and utilizing technology to reduce errors and speed processing can mean significant improvements to an insurer’s bottom line.
Alamance’s existing method of risk assessment was a multi-step, error-prone process. Staff manually input risk information into a non-integrated, third-party site; downloaded risk data from the site; and manually copied risk data into their core system. It was time-consuming, demanding employees to rekey data in several places. Moving data between systems manually also had a large margin for error. There were too many places where something could go wrong along the way.
Alamance had already undertaken a major initiative to leverage technology to maintain their competitive edge by implementing the cloud-native BriteCore platform to provide core, data, and digital solutions. Now, they needed to find a risk data provider who could capture more data quickly using automated procedures and improved reporting capabilities.
Communication links between systems proved difficult.
The biggest challenge Alamance faced was linking their policy administration and risk assessment systems. To overcome this challenge, they decided to use BriteCore’s API to bridge the systems, eliminating duplicate entry. Alamance selected HazardHub, a geospatial risk data provider, to develop and implement their new risk assessment solution by leveraging their existing expertise in APIs. HazardHub implements a user-friendly risk assessment process using API delivery to provide customers with information from its property-level hazard risks database.
Our combined teams built an API integration.
Through BriteCore’s Community Source Development Program, HazardHub engineers added integrations directly into BriteCore’s source code repository. They were the first BriteCore partner to write 100% of the code required to integrate their solution with the BriteCore platform.
HazardHub’s technology team spent two weeks learning BriteCore's code to configure the risk assessment solution for Alamance. By accessing BriteCore’s open-source tools, HazardHub built API calls connecting BriteCore’s data-entry and reporting sections with HazardHub’s database. This facilitated automation in the retrieval of risk data.
Once configured, the vendor utilized BriteCore’s open-source framework to connect the two software platforms. HazardHub and BriteCore engineers both conducted quality control and user testing, ensuring the two platforms worked together seamlessly. Alamance’s staff finished the project by validating HazardHub’s code and carrying out usability tests.
Measuring Success
Within 60 days, Alamance was live on the new integration in BriteCore. They could perform much faster risk assessments through automated API calls to HazardHub’s database, and the integration reduced data entry and the potential for errors. Alamance gained three key results:
Speed and Accuracy
Alamance compiles risk data in BriteCore, and the data automatically uploads to HazardHub through API calls. HazardHub compiles a risk report and seamlessly integrates the report with BriteCore’s policy system. The process is 7.5 times faster than Alamance’s previous method.
Implementation
Speedy and accurate implementation was a major factor in the project’s success. HazardHub worked directly with BriteCore’s code and BriteCore engineers to build Alamance’s customized risk data platform. BriteCore APIs made for an easy integration.
Automation
Integrating Alamance’s new risk assessment solution with BriteCore allowed them to capture and report data more efficiently. Alamance could now automate previously manual processes. Today, their risk assessment and reporting processes are 100% automated.
