Watania International Holding signs deal with Solution BI Middle East

Watania International Holding PJSC (DFM: WATANIA; ‘WIH’), a leading investment holding company and sole shareholder of Watania Takaful General (WTG) and Watania Takaful Family (WTF), has signed an agreement with Solution BI Middle East to deliver Snowflake Data Lake and Data Warehouse - a new centralized Data and Business Intelligence (BI) platform.

The AI and machine learning driven platform will establish a highly descriptive, predictive and smart single source of truth, the Data Lake, to optimise operational efficiencies, enhance financial transparency and performance and support the implementation of highly accurate and insightful customer-centric approach at both WTF and WTG.

Gautam Datta, CEO, WIH, comments: “Our partnership with Solution BI Middle East is a new and significant milestone in our rapid drive to further advance our AI and data analytics abilities and strengthen our leadership position within the UAE Takaful and insurance industry.

Through sophisticated analytics and advanced machine learning tools, the new platform will enhance the abilities of both Watania Takaful Family and Watania Takaful General to constantly extract and analyze data across all levels of front and backend business activities. This will create highly increased efficiencies and optimization of their business processes, better cost controls and financial transparency that will lead to higher returns.

Whilst we already use some of these advanced tools including improved Robotic Process Automation and streamlined approval, reconciliation, and other advanced processes, the insights and understanding the teams will gain will enable them to analyse the insurance market and their own business operations in new and flexible ways.

This will benefit customers through accurate, clear and better support for their needs including the rollout of new demand-based products with greater precision and accuracy and creating pricing solutions that work for customers. It will also be reflected in a highly efficient processing of their requests and benefits through the industry-leading My Connect customer portal including faster claims management.”

Ozan Tercan, CEO, Solution BI says, “Sophisticated data management using state-of-the art techniques is increasingly essential in the insurance and many other industries, separating winners from losers. Our database creation capabilities and subsequent support can give companies a head start in a competitive environment.

As a leading consultancy in the data sector, we are committed to helping businesses in the region make best use of advanced analytics, AI and data visualization to enhance performance management at all levels. This includes budgeting and planning as well as processing and reviewing all types of data, supporting financial transparency and good governance as well as commercial excellence.

We are delighted to utilise our expertise to support WIH in developing and operating an advanced Data and BI platform. Our role is to ensure the successful use of the new Data and BI platform through backend technical analysis, Snowflake database schema and data environment creation, and to provide dashboard development and data modelling.

Data Lake will manage structured and semi-structured data to deliver high performance, concurrency, simplicity and cost effectiveness benefits for WIH and its subsidiaries. It will provide a unified platform allowing for both systems of record reporting and enterprise-level business intelligence to support flexible, user-driven analytics.”