Markerstudy, a leading UK-based general insurer and the winner of Celent’s Model Carrier Award for Data Mastery and Analytics, is driving growth and innovation with Cloudera Enterprise. The insurer is using its big data analytics platform powered by Apache Hadoop across key areas of its operation to gain customer insights (360 degree view), risk and underwriting and for real-time fraud detection and prevention.
Markerstudy Group, a leading UK-based general insurer, serves over 1.75 million customers.
The growth of cloud-based solutions, digital, and Internet of Things (IoT) requires a new approach to accessing and analyzing data of all types, age, and volume. Markerstudy Group realized early on that to differentiate and sustain its trajectory for growth, it must adopt a big data analytics strategy. The insurer uses Cloudera Enterprise and SAS Analytics. With its big data platform, Markerstudy has achieved significant ROI and results.
- Reduced claim costs by £5 million through real-time fraud detection
- Increased policy count by 120 percent in 18 months
- 20 percent annual cost savings on updating rates which previously had to be done on 15 different systems
- Recipient of prestigious industry awards: 2015 Celent Model Carrier Award; 2015 Data Impact Award
- Capacity, storage, and traffic restrictions meant that older records had to be deleted
- Data was managed and analyzed using separate platforms by different teams
- Only subsets of data were available at any given time for analysis
- Hadoop Platform: Cloudera Enterprise, Data Hub Edition
- Hadoop Components: Apache Spark, Cloudera Manager, Impala
- High-Performance Analytics: SAS
- Risk and underwriting, real-time claims fraud detection and prevention, Customer Insights (360 degree view)
- Reduced claim fraud with savings of £5 million
- Increased new policy count by 120% in 18 months
- Achieved 20 percent annual cost savings on updating rates which previously had to be done on 15 different systems