By Zach Umsted, Manager of Data Governance at Wellabe
When used well, data can help bring a company new insights and give it a competitive edge in the marketplace. The differentiator between using data well and just wasting money on storage space is a data strategy.
At Wellabe, we’re on a mission to transform our data environment into one that not only gives us an edge over our peers, but also gets us in the ring with the heavyweights in the life and health insurance markets. Here’s how our journey is taking our data strategy from good to great.
Getting started
Hunting and gathering
We began our journey in 2019 with a goal to improve sales performance. We started by hunting for all the sales data we could find, which was scattered among multiple systems. Then we worked with Wellabe subject matter experts to select the accurate data sources, and we gathered them into a single Data Warehouse. Once the data was consolidated, it was “scrubbed” by reviewing sample data and establishing rules to format everything coming in. We still perform this time-consuming process today to align our Data Warehouse with system upgrades.
Presenting and communicating
Once our Data Warehouse was built, we needed a way for users to view it. We brought in Microsoft’s Power BI, which transforms large sets of data into charts, dashboards, and KPIs that users can manipulate to find the information they need. Other tools include Tableau, Google’s Data Studio, and Qlik, and they all work like a supercharged Excel.
We created self-service dashboards in Power BI that sales leaders could use to make decisions. These handy dashboards provided a common set of data points that bridged the gap between our sales and actuarial teams, so they could discuss pricing, loss ratios, and other insurance-y things. We improved communication and data capabilities simultaneously.
Growing our impact
Improving analytics
Building upon the sales data success, we turned our attention toward predictive analytics. Up to that point, we had focused on what had happened. But with all the easily accessible data, we could identify trends in our sales performance and accurately forecast application processing needs of our operations teams during our annual busy season. This allowed us to appropriately staff without wasting resources.
By successfully proving real-world business benefits, we cemented data-based decisioning as a pillar of how Wellabe works. Since then, we have worked with internal teams to shorten application processing times and to balance our product mix to better fit our customers.
Expanding our reach
Next, we advanced our self-service data analysis capabilities by expanding our Power BI reporting to our field agents, so they could see the same information as their sales leaders. This improved communication between the home office and the field.
Internally, we ramped up our Power BI usage, and as we accumulated successes, it became easier to push the value of data. The general business is now clamoring for data, and their requests for Power BI dashboards and more data-driven insights have kept our teams busy.
Looking forward
Up to this point, our data journey focused on analysis built for a specific business purpose. The reporting environment was like a data-decisioning bus users took for a large population. But it was cumbersome for individual riders who needed to follow the route to only arrive near their destination.
Now, we’re handing over a set of self-service car keys to each employee to drive exactly where they want to go. To support this shift, we have focused on three key elements:
Command Center
What our Data Warehouse did for data, the Command Center does for our reporting. We have consolidated our sprawling environment of reports into one trusted space. This Command Center features a simple experience that allows users to navigate every possible destination with a few clicks. This change helps us focus on the data environment as a whole and reduces report redundancies, inconsistencies, and inaccuracies.
To continue with our car theme: The Command Center is the GPS that guides users to their destination and provides traffic warnings along the way.
Data governance
Data governance provides the tools and processes users need to trust and understand the data available to them. Trust is built through quality controls and transparent communication that ensure users’ reports are accurate and consistent. Understanding is built through resources and training that make users aware of the data available to them, teach them how to access it, and explain how to understand it.
To push the car analogy further: Data governance is the user manual, Yelp or TripAdvisor app, and the seat belt — all rolled into one. It helps users know how to drive their vehicle, understand the places they visit, and have peace of mind as they travel.
Data infrastructure
Data infrastructure is the transportation grid that provides the route to the destination. It determines how solid everything built on it can be, whether that’s our Command Center, analytical models, or governance.
By constructing data correctly and focusing on the assets that drive the most business value, we provide the downstream processes with the data necessary for them to function effectively. Also, a proper infrastructure can provide our developers with the flexibility to use data in ways we may not expect.
To learn more about Wellabe and its vision to be the most trusted provider of health and wealth solutions in an increasingly connected world, visit wellabe.com.