BI,Case Study
NEW IFRS COMPLIANT TARGET DATA PLATFORM FOR A LEADING INSURANCE PROVIDER
INTRODUCTION A leading company in the insurance industry faced Data challenges affecting IFRS compliance and efficiency. This case study delves into their collaboration with the Scalefree consultants team, to find streamlined solutions. CASE DESCRIPTION A prominent insurance and asset management firm, committed to ensuring financial security and fostering global expansion, engaged Scalefree to devise a robust solution for efficient data management. To improve their Data Warehouse with a focus on transactional data, the aim was to improve cash flow projections while adhering to IFRS compliance and specific retention policies. Notably, these policies, especially pertinent to insurance companies, often mandate storing information for extended periods, sometimes up to 20 years. The client faced significant problems stemming from their limited proficiency in Data Vault 2.0 methodologies, which manifested in a data model with inferior quality, leading to accuracy and reliability issues. In addition, the data lineage was fragmented, resulting in traceability issues and compromising data integrity and auditability. Moreover, the absence of GDPR compliance raised concerns about data security and regulatory risks. Resolving these issues required overcoming challenges in data reconciliation, data integration from diverse source systems, handling various file formats, and managing manual bookings. To implement streamlined solutions and address the issues within the Data Warehouse, Scalefree consultants conducted a thorough review and analyzed the current state of the Data Warehouse, paying particular attention to the data delivery model and data architecture. Subsequently, the Scalefree consultant’s team devised a new target architecture and developed a comprehensive roadmap, which included a migration plan and detailed the delivery model for both change implementation and ongoing operations.
HIGH LEVEL TARGET ARCHITECTURE
Although the full implementation of the target architecture is not completed, initial steps were taken and significant progress was made. Key initiatives include maintaining data lineage, which resulted in optimizing runtimes, boosting system performance and efficiency, consolidating artifacts, such as file formats, and standardizing load patterns. Additionally, GDPR compliance has been ensured through the development and implementation of a GDPR pseudo routine.
NEW IFRS COMPLIANT TARGET DATA PLATFORM FOR A LEADING INSURANCE PROVIDER © SCALEFREE INTERNATIONAL GMBH 2024
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These endeavors have notably improved compliance with IFRS standards and retention policies. Leveraging advanced technologies such as Snowflake, Wherescape, PoC dbt Core with datavault4dbt, Collibra, JIRA, and Confluence has played a pivotal role in facilitating the implementation of recommendations and ultimately contributing to the desired outcomes. By addressing challenges through technology, process refinement, and compliance adherence, the firm has enhanced its Data Warehouse and data management efficiency with IFRS compliance, paving the way for future growth and success.
Scalefree International GmbH Schützenallee 3 30519 Hannover Germany
P: +49 (511) 879 893 41 M:+49 (175) 811 0336 F: +49 (511) 879 893 49
info@scalefree.com www.scalefree.com
CEOs: Michael Olschimke & Christof Wenzeritt
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