Translated from Forbes Magazine
Adastra and DZI have been partnering in Bulgaria for several years, and the result of their work has resulted in one of the most innovative solutions in the local insurance market. Below we present the systems created by Adastra Bulgaria.
I. Data Quality Management:
Ataccama, data quality management software, enables processing, standardization, and cleaning of large amounts of data based on predefined business rules, as well as the integration of multiple client records from different systems into one “Golden Record”. The software has a number of sophisticated algorithms for data curation. The Data Quality Issue Tracker (DQIT) is used to manually correct the data when an error is detected, but it can not be removed automatically, leaving an audit trail for each change and allowing the correction history to be tracked. The Data Quality Dashboard (DQD) allows you to monitor the development of key performance data metrics.
II. Data Governance: The Enterprise Information and Data Management initiative allows DZI to meet group data management requirements and apply a framework for the availability, business relevance, and quality of data management. At the same time, the availability of such a framework significantly increases the added value of data quality software by defining its business application and integrating it into the core processes of the company.
III. Adastra Fraud Detection and Prevention System:
Utilizing the automated Adastra solution, DZI is the pioneering the fight against insurance frauds in Bulgaria. The software uses specific business rules and criteria to detect and evaluate damage. It assists in the process of dealing with damages by providing feedback on the co-operating rules for disclosure of suspicious behavior and circumstances, as well as the chronological traceability of the specific steps and decisions taken internally by the employees of the insurance company.
IV. Network Analysis:
The Connectivity Analysis software developed by Adastra Bulgaria allows visualization of the links between stakeholders and individuals in the insurance for the purpose of recognizing unjustified types of links between these countries. In this way, the DZI expert can quickly see all the available information about a particular damage and connections to other objects or events.
INTERVIEW WITH SOTIR SOTIROV, MANAGER OF DIRECTORATE “DATA MANAGEMENT, ACTUATORS AND MIS”, AND SIMEON SIMEONOV, QUALITY, CONTROL AND MONITORING DAMAGE SECTOR IN DZI
Mr. Sotirov, you’ve held the post of DZI Unified Data Management Department Director since February this year. What changes have you influenced since you started?
SOTIROV: Our goal has been to completely change the way people in the company perceive the data – from a by-product of the processes they have to a major asset. We are insurers and our business is based on data analysis. Therefore, it must be the main asset to care for in order to benefit our business. Apart from this overall change in the concept and culture of people towards data acquisition, we aim to increase its quality and accessibility. This is important for Adastra Fraud Detection and Prevention software that is sensitive to data quality and for all internal reports. Our other goal has been to minimize operational risks. Erroneous decisions made on the basis of false data are a serious threat to the company.
Recently, technological innovation has had an increasing impact on the corporate world. Today, we are constantly hearing about the subversive effects of block-based applications, the Internet of Things, Cloud Data and Artificial Intelligence on traditional business processes. Which of these phenomena have the greatest impact on the way the insurance sector operates?
SOTIROV: Each of the above has the potential to have a very strong effect on insurance. These technologies are serious and require a lot of investment. We, as part of a large financial group, have the opportunity to work with some of these, but we are still at an early stage. We are currently studying IoT, but we are also exploring innovative solutions in other areas. Our goal in the next few years is to take advantage of the opportunities they offer.
What are the innovative solutions that DZI has implemented on the Bulgarian market?
SOTIROV: We’ve received feedback that our B2B portal, which serves brokers and agents, is highly valued. It allows them to issue policies quickly and easily. Another innovative solution is a mobile phone application that enables an on-site inspection when Casco insurance is taken out. There is no other insurer who has implemented such a solution. We also have a system for processing the damage under different types of insurance, which allows for the digitization of the whole process. Another innovative solution is the Adastra Fraud Detection and Prevention System, including a dedicated connectivity analysis module. I would also mention the back end of the recognition of paid premiums. Through the process of digitization we aim to save the time of our employees in conducting administrative activities. So they can concentrate on customer care, which is the basis of our business. Adastra also implemented data quality management software. Our Ataccama Data Quality Center, on the basis of specific business rules developed, clears the information that has been filed with us. At first we used it primarily to thoroughly clean our customer data. But because we have a lot of systems and the recognition of the same client in the different structures was a challenge for us, we managed to build a complete insight into the customers based on the insurance they made with us through Ataccama Data Quality Center.
How long have you worked with Adastra and how did you start your work together?
SIMEONOV: We started working together in 2015, with our joint venture to implement Adastra’s Fraud Detection and Fraud Prevention Systems and Connectivity Analysis also at corporate group level. KBC may also partner with Adastra at an international level. Our primary focus was that the solutions we implement with Adastra for the detection of false data and connectivity analysis become tools for an informed and speedy way of making decisions. They work systematically, do not waste energy and have valuable resources. The other solution we will soon implement is Fast Track, which will target our loyal customers expecting a rapid reaction from DZI. With it, we will be able to pay compensation to the client within 48 hours. The creation of these products is unique for Bulgaria, and Adastra plays an important role in developing these. Even now we continue to build our products and find good solutions.
SOTIROV: There was a business benefit in investing in processing, data protection and insurance fraud detection systems. The study itself, before choosing a service provider and signing a contract, took us a little over a year. We had to first understand the different software, both in terms of data management and quality, and fraud detection systems. We contacted many vendors, like Adastra, which also helped in the clarification phase. This sphere was a novelty for us, but we were looking for a stable partner because it was a big investment. They had to deliver enough innovative solutions, but also to ensure the future development of the systems.
Tell us more about Adastra Fraud Detection and Prevention System.
SIMENOV: The development of this system is a first for the Bulgarian market, especially for insurance. The app evaluates all damage done on a daily basis, based on several weights and over one hundred indicators. In this way, the employees’ attention is focused on making decisions as quickly as possible.
Two weeks ago, I was in Belgium where KBC colleagues gathered at a corporate risk conference. There they presented a Big4 company solution that is similar to our Connectivity Analysis System. This innovative application helps us make a quick and informed decision to handle the damage. With his help, we save time, resources, resources and minimize gaps and mistakes.
How does DZI relate this to increasing the added value of the professionals working in the company?
SIMENOV: Vehicle views are made through tablets, our main goal being to digitize the whole process and for our customers to have the opportunity to notify us about an event that has occurred at any time. With the help of the app, we also pay our clients’ benefits within 48 hours. In property insurance, we are developing an innovative solution for the digitization of the liquidation process by which our clients can inform us about an event and organize and conduct a survey of our representatives. Thanks to these applications, we respond to market trends and customers’ expectations to be able to do everything via their phone.
SOTIROV: Currently, the opportunity for a customer to notify us online of any damages occurred is available and it is the basis for expanding our portfolio and other options.