In the ever-evolving landscape of financial services, staying ahead of technological advancements is not just a goal—it’s a necessity.
SITUATION
The company was facing a plethora of challenges that are all too common in the financial services sector: inefficient case management processes, sluggish data processing times, and disparate systems that hindered operational efficiency. These issues not only impacted the bottom line but also the company’s ability to deliver timely and effective services to its clients.
TASK
Our objective was crystal clear—overhaul the existing case management framework to significantly enhance operational efficiency and data processing speeds. The mission was to develop an open-source, custom claims management application that could seamlessly integrate with the company’s existing infrastructure, leveraging both relational and NoSQL databases to handle diverse data needs efficiently.
ACTION
To bring this vision to life, we deployed a specialized service team dedicated to building the claims management application from the ground up. The application was designed with a containerized microservice architecture, ensuring scalability, flexibility, and resilience. By adopting a mix of relational and NoSQL databases, we were able to cater to the varied data storage and retrieval requirements of the system. This architectural choice not only facilitated efficient data management but also laid the foundation for a robust, future-proof application.
RESULT
The impact of the new claims management application was nothing short of transformative. Operational efficiency soared by an astonishing 200%, while data processing times were slashed significantly. The integration of disparate systems under a single umbrella, facilitated by APIs, led to a 300-fold increase in engagement. Moreover, the automation of previously manual processes and the streamlining of necessary manual inputs resulted in substantial cost savings and reduced the time required for workflow management.
