StreamSets for Insurance Services

Harnessing data has never been more important in insurance as the industry experiences massive transformation faster than ever before. Key trends that are influencing the way insurance companies work with their data include policyholder engagement and experiences, increased fraud and global risks, and new product and investment strategies. Increasingly, insurance companies rely on data from streaming sources generated by and about their customers, which they can analyze to predict trends and gain a deeper understanding of their customers’ behavior and preferences.

Insurance firms are part of an industry where real-time data plays an important role, but they can’t forget about data privacy and protecting against fraud. As cars, homes and businesses become more automated and sensor-enabled, insurance companies strive to leverage these new data sources to build a more reliable business.

Insurers need an up-to-date, relevant view of their policyholders so they can anticipate their customers’ needs and reduce the risk inherent in managing them. They also need to fight insurance fraud, which costs the industry an estimated billions annually.

In today’s world, meeting those needs depends more and more on the ability to ingest and manage real-time data. Due to the difficulty of handling streaming data, however, insurance providers struggle to deliver targeted experiences to customers; to present offers that increase loyalty, retention, and acquisition rates; to mitigate fraud; and to protect data privacy. Insurance companies find it challenging to take full advantage of their data because:

Legacy siloed technology

• Legacy systems often can’t handle the real-time data that’s required to discover and prevent fraud before it becomes a big problem—for both individual customers and the company.
• Many insurers that collect data on customers report that they aren’t able to use that data strategically in their business.

Inability to accurately understand risk exposure

• Understanding customer buying behavior requires understanding actions that take place across multiple enterprise systems.
• Insurance companies need to handle an influx of new data sources, including sensor-enabled Internet of Things (IoT) devices.
• IT teams often have limited resources, talent and tools, creating a backlog of requests and limiting the organization’s ability to achieve operational goals.

Regulatory & cybersecurity concerns

• Leaders are trying to determine the best risk-based framework and architecture for balancing security, data protection, and confidentiality while delivering the experience customers and employees expect.
• Insurance companies face rigorous regulations and compliance requirements for data use and retention.

Insurance companies' need for data frequently outstrips their ability to handle it effectively, especially when it comes to streaming data. Not only is real-time data difficult to gather and manage, but the sensitivity of some data prevents it from being used for advanced analytics at all. These data-related challenges hinder insurance companies’ ability to compete and be profitable, and they can hold back the entire industry’s progress.

StreamSets helps insurance companies manage risk in real time by enabling them to harness the data from all interesting sources, including streaming data and quickly changing data.

Guard against insurance fraud.

StreamSets provides insurers with a data integration platform that can ingest all events and activities quickly for real-time fraud detection and remediation. By leveraging data in motion and applying machine learning and advanced alerting, insurance companies can monitor fraud in real-time. The StreamSets platform helps detect and ultimately thwart attempts at fraud as they happen.

Gain better Customer 360 views.

By helping users build pipelines to deliver relevant customer data of varying types, StreamSets provides insurers with a full view of their customers’ behavior across multiple channels and interactions. StreamSets provides pre-built connectors for online systems and applications, including clickstream, Adobe, Salesforce, and other common destinations.

Protect the privacy of policyholders’ data.

StreamSets provides in-pipeline data masking, governance and encryption and integrates with other governance systems, including Cloudera Navigator and Apache Sentry. The StreamSets Control Hub lets insurers monitor how customer data is flowing and define policy and access control measures for the data being delivered. It also tracks the use of customer information for governance, masking sensitive data so that it can still be used in analysis.

StreamSets enables insurance firms to:

• Achieve full streaming data design, performance monitoring, and data encryption.
• Optimize policy alignment and product/service recommendations while managing policy overhead dynamically.
• Use in-pipeline processing to quickly identify anomalies and fraud events.
• Add more destinations for monitoring fraud.
• Manage data movement across systems.
• Ingest streaming data from a range of sources, including IoT devices in customers’ homes, cars, and businesses.
• Use intelligent pipelines to discover, mask, obfuscate, and encrypt sensitive data in motion.
• Apply in-pipeline data protection to hundreds of pipelines systematically.
• Build, test, and manage the performance of data pipelines, ensuring that when they are put into production, they meet the requirements at scale.

StreamSets enables insurance companies to:

StreamSets lets insurance companies bring in data from the full range of sources, including real-time streaming data, so they can build a complete view of their customers and achieve advanced intelligence about risks.

Find out more about how StreamSets can help insurance companies better understand customers’ needs, anticipate risks, and protect valuable data from fraud or misuse. Contact a StreamSets representative today.