Data Insurance

Pekin Insurance Enhances Statistical Reporting and Data Verification with Process Automation

Pekin Insurance created an end-to-end process automation for their workers comp data feed and SROI and statistical reporting. The process automation allowed Pekin to realize a net savings of $100,000 as well as reduced data verification time by at least 75%.

Business Need

Pekin, as a provider of workers’ compensation policies, faced significant overhead costs and associated regulatory compliance risks resulting from mandated monthly unit statistical reporting (stat reporting). They needed a system that could properly extract the appropriate transaction data from legacy core systems and reformat it into necessary bureau data feeds.

We really appreciated ValueMomentum’s attention to detail throughout the process [...] its development team posed insightful questions that helped us address a variety of concerns for creating an effective and intuitive solution that was easy to use.

Enterprise Data Steward, Pekin

Tools and Technology

Pekin engineered a solution to streamline and automate information extraction and data feed creation to meet NCCI and the WCRB specifications with the help of ValueMomentum. This was accomplished with tools such as Microsoft SQL Server, Microsoft SQL Server Integration Services (SSIS), IBM Rational, Microsoft Visual Studio and Atlassian Jira.

Success Factors

Pekin credited its success to the new system’s efficiencies, which enabled multiple employees to refocus from tedious data support chores to higher-value business-critical tasks. The vastly improved data quality along with an intuitive business user interface also helped slash data verification time.

Impact

Pekin realized a net savings of over $100,000, reduced data verification time by at least 75%, automated stat reporting and eliminated manual claims department SROI tasks that recovered at least 50 hours of staff time every month.