RAC Insurance set for major analytics upgrade
RAC Insurance will make its first step towards an all-cloud analytics environment, with the Perth-based general insurer set to adopt MicroStrategy’s Cloud Platform on Azure.
This latest cloud migration will support a longstanding push by the company to transition its entire data analytics environment onto the Microsoft Azure platform, having first deployed MicroStrategy’s platform two years ago as an on-premise solution.
MicroStrategy said it will deploy the analytics upgrade in approximately two months, with RAC expecting to reap the benefits of reduced costs and reliance on physical infrastructure.
Kevin Squiers, Manager, Project Delivery, RAC Insurance, said scalability and reliability were key factors in pursuing the full cloud adoption for its analytics program.
“RAC Insurance plans to use MicroStrategy Cloud Platform on Azure to create many new data points relating to members by leveraging predictive analytics. This will potentially help RAC Insurance unlock significant competitive advantage, increase profitability, and drive growth opportunities,” Squiers said.
“The cloud will also let RAC Insurance work at a higher velocity with stronger collaboration between the business and IT departments. With the software continually updated in the cloud, RAC Insurance will know that we always leverage the most up-to-date version of MicroStrategy, which will let us do more, faster, and at a lower cost."
MicroStrategy said the biggest challenge for RAC is knowing its members well enough, being able to leverage its analytics capability to provide and recommend the right insurance products at the right time.
“The business also sees an opportunity to analyse transactional and operational data to optimise these areas and become more efficient,” it said in a statement. “Previously, this information was provided via spreadsheets, which were cumbersome to use and required manual effort, as opposed to the more automated functionality provided by MicroStrategy.”