Principal International needed a modern, centralized reporting and analytics solution.
Principal International is part of the global investment management company, Principal Financial Group, and operates in Latin America and Asia markets through wholly-owned subsidiaries. They empower people and companies with financial security and stability and help to build and protect their financial well-being. As with any financial services firm, customer data is central to making sound business decisions. Within each subsidiary there are a multitude of client systems that capture valuable data. However, this data was never combined at scale, so important insights were being missed or discovered too late. The lack of complete and consolidated data resulted in fragmented reporting and analysis solutions. The Mexico subsidiary was experiencing issues identifying customer churn and policy fraud with their current QlikView system. Data maturity in the Hong Kong subsidiary needed to be addressed due to growing technical debt and IT teams supporting multiple core and legacy ERPs. A centralized solution was necessary to provide consistent reporting and metrics. Initiatives for improvement included compliance, fraud detection, new customer adds and customer churn.
3CLOUD SUPPORTS CLIENT’S Initiatives With a Unified Azure Data Platform and Power BI.
3Cloud engaged with Principal to build a modern cloud-based data platform in Azure, integrating on-premises data and using Azure Synapse SQL Pool and Power BI Premium to certify reusable datasets. The unified data platform built with Azure Data Services provided the scale and performance necessary to deliver business analytics quickly and accurately. Azure SQL DW and Databricks are now used to build attrition models for addressing customer churn, along with models that identify agency fraud. A Power BI implementation effort was run in parallel. 3Cloud proved that a well-designed semantic layer, built with the highest level of grain at its core, will answer questions and also serve as a foundation for continuous data exploration and informed decision making.
The business is now empowered with faster, better analytics. The Azure-based solution provides scale, performance and accuracy. 3Cloud reduced operational expenses for Principal Mexico by eliminating QlikView licensing costs, the ability to turn off compute when they are not using it, and quicker time to value for developers. For the Hong Kong subsidiary, data warehouse design sessions and Power BI served as a catalyst to promote communication within different units, plus data ownership, validation and governance efforts were advanced forward. In addition, savings was realized by reducing manual effort to provide reports and analytics, identifying and preventing fraudulent activity and avoiding costly fines and penalties. Revenue increase will occur by adding new customers, retaining high value customers, and providing the best action to increase total customer value.
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