CASE STUDY:
Verisk Deploys Enterprise-Wide Entity Resolution Powered by Senzing
CHALLENGE: Decrease Entity Resolution Costs While Increasing Efficiencies
Verisk is a global leader in risk assessment, data-driven analytic insights and technology development for the insurance industry. The company has dozens of business groups, including many from recent acquisitions, and had different entity resolution teams and processes all around the organization. Different entity resolution teams and technologies were added to the mix as Verisk made additional acquisitions.
The company was seeking to standardize its entity resolution data governance processes and technologies across the organization to increase data quality and efficiency. The company was also dealing with hundreds of data sources, which over time were being linked when appropriate.
SOLUTION: Standardized Enterprise-Wide Entity Resolution With Senzing
Verisk executives recognized the potential value of building a standardized enterprise-wide entity resolution service that would improve overall data quality, customer experience and product offerings. The company formed a small enterprise entity resolution team to build a centralized platform that would improve accuracy, reduce costs and increase efficiencies.
After evaluating various options, the Verisk team chose to go with Senzing technology to power its enterprise-wide entity resolution service. The Verisk team embedded the Senzing entity resolution engine inside its workflows and added access controls to support its security governance standards.
Once integration, testing and evaluation were complete, the team started demonstrating the Senzing-based solution’s capabilities to different Verisk business units.
The first business groups to jump on board were those having challenges with their own entity resolution systems, or teams that were struggling to efficiently achieve results. All were impressed with the results. Executive leadership also recognized the tremendous value of an entity resolution system for the entire organization and initiated a company-wide strategy for all teams to migrate to the new Senzing-based enterprise entity resolution service.
Senzing provides us with greater savings and efficiencies, while improving our analytics and reducing risk across the organization.
– Gurshish Dang, Head of Enterprise Data Management
TECHNOLOGY & IMPLEMENTATION: Fast, Easy, Efficient and Scalable
Fast Implementation
Deployment of the initial cloud-based (AWS) Senzing solution was handled by just five team members. The principle-based approach that Senzing technology uses helped immensely, as the team didn’t need to write rules or tune and train the system.
Scalability
Verisk has already loaded about 420 million unique identities and more than 1.6 billion records. The Verisk team is confident that the Senzing technology will handle all the company’s future needs.
Easy Data Integration
With Senzing, Verisk can now quickly integrate new data sources with minimal data preparation, even with data in varying formats and versions – such as differences in spelling names. The team has happily said goodbye to a lot of upfront prep work they had to do with their legacy commercial entity resolution technologies.
Excellent Support
The Verisk team has direct access to Senzing senior engineers, without going through multiple support layers. They emphasized that the Senzing team was extremely knowledgeable, quick to respond and willing to spend as much time as needed to answer their questions and resolve issues.
Senzing entity resolution delivers better accuracy and fewer false positives than any other option, including other commercial products we looked at.
– Gurshish Dang, Head of Enterprise Data Management, Verisk
RESULTS: High Performance, Accuracy, Savings & New Opportunities
Improvements to Verisk’s Core Offerings
Senzing entity resolution helps Verisk business units efficiently and accurately associate individuals with their policies, claims and other relevant records by providing new insights and context from integrated internal data sources. The Verisk team can now access all its data sources and use Senzing technology to append existing and new records with a proprietary Verisk ID, while reducing the need for so many external data sources for enrichment.
Better Security Protection
The solution also improves the security of individuals’ data, by centralizing and securing it within a central system instead of maintaining copies of data in separate application databases. These systems will only store Verisk IDs and access personal data within the Senzing system on an as-needed basis.
Higher Quality Matching That Reduces Risk
In addition to retrieving more accurately resolved records, one pleasant surprise for business units adopting the new system was a sharp decrease in false positive rates for the company to resolve. The reduction in false positives makes it easier for the company to provide its customers and carriers with the high quality data they rely on.
Faster Performance
With Senzing entity resolution, Verisk now gets sub-second response times for almost all searches, even with the security layer and additional logic rules Verisk layered on top of the Senzing technology. Even the most complex searches take a few seconds at most.
Bottom-Line Savings
Senzing entity resolution allowed Verisk to fully leverage its own data, eliminate the need for multiple systems in different business groups, and rely less on third-party data services. This will result in significant data and technology cost reductions and maintain a more efficient system. In addition, greater accuracy, fewer false positives to resolve and better data protection will help reduce reputational risk and facilitate regulatory and organizational compliance.
Increased Efficiencies Enterprise-Wide
When fully deployed, the solution will provide Verisk with a centralized entity resolution service at the scale of its business that delivers higher accuracy, reduced costs and improved operational efficiencies compared to previous systems. Once there is full connectivity between relevant Verisk data sets, the company’s new data fabric and data lake approach will be extremely powerful. As the company makes new acquisitions, data from the acquired organizations can be quickly ingested and linked to internal data sources in just days or weeks, instead of months.
New Offerings Introduced More Easily
Verisk business units can now easily connect the data they need to more rapidly introduce new products and services that increase top-line revenue and improve bottom-line results.
The approach Senzing takes – including the ability to discover connections between entities and build a relationship graph– is far ahead of any entity resolution solution we’ve seen.
– Gurshish Dang, Head of Enterprise Data Management, Verisk
