Risk Modelling in Real-time: Integrating Legacy Oracle/HP Underwriting Data with Modern External Datasets
💼 Did you know that in the time it takes to brew a cup of tea, a real-time risk model could have processed enough data to flag over 60 million potential fraudulent insurance claims?
The Real-Time Risk Modelling Imperative
Real-time risk modelling is the capability to instantaneously assess and price risk as new data becomes available. For industries like insurance and finance, this translates into immediate underwriting decisions, dynamic pricing adjustments, and instant fraud detection. The complexity lies in unifying the two essential, yet vastly disparate, worlds of organisational data: the stable, historical bedrock of legacy systems (such as Oracle or HP-based underwriting platforms) and the volatile, high-velocity stream of modern external datasets (e.g., live weather feeds, social sentiment, IoT sensor data). The goal is to create a singular, fresh, and trustworthy data source that powers predictive models with minimal latency.
The Integration Challenge for Data Experts
Businesses today face a crippling issue in achieving this fusion. Core underwriting data, residing in established, often decades-old Oracle databases or HP mainframes, is critical for historical context it holds the records of policy terms, claim history, and risk profiles. However, these systems were architected for batch processing, making them notoriously difficult to connect to for low-latency, real-time access.
Attempts to bridge this gap typically result in complex, brittle, hand-coded ETL (Extract, Transform, Load) processes that are costly to maintain, prone to data quality issues, and introduce significant latency.
Simplifying the Complex Data Fabric
IOblend offers a low-code/no-code, end-to-end data integration solution specifically designed to overcome this complexity.
- Bridging Legacy and Modern: IOblend connects seamlessly to virtually all data sources and sinks including legacy systems like Oracle/HP databases (using protocols like JDBC) and modern APIs for weather and social data.
- Real-Time Fusion (Kappa Architecture): The platform is built around a Kappa architecture, allowing it to easily integrate and harmonise both batch (the legacy Oracle/HP data) and real-time streaming data (weather, social feeds) within the same pipeline. This eliminates the need for maintaining separate, complex systems for different data types.
- DataOps and Governance: IOblend embeds crucial DataOps capabilities like record-level lineage, schema management, and automated error handling directly into the pipeline. This ensures data quality and integrity are preserved as data flows from the antiquated legacy estate through complex, real-time transformations and into the final risk model a non-negotiable for regulated industries.
Unlock instantaneous insights and de-risk your digital future.
IOblend presents a ground-breaking approach to IoT and data integration, revolutionizing the way businesses handle their data. It’s an all-in-one data integration accelerator, boasting real-time, production-grade, managed Apache Spark™ data pipelines that can be set up in mere minutes. This facilitates a massive acceleration in data migration projects, whether from on-prem to cloud or between clouds, thanks to its low code/no code development and automated data management and governance.
IOblend also simplifies the integration of streaming and batch data through Kappa architecture, significantly boosting the efficiency of operational analytics and MLOps. Its system enables the robust and cost-effective delivery of both centralized and federated data architectures, with low latency and massively parallelized data processing, capable of handling over 10 million transactions per second. Additionally, IOblend integrates seamlessly with leading cloud services like Snowflake and Microsoft Azure, underscoring its versatility and broad applicability in various data environments.
At its core, IOblend is an end-to-end enterprise data integration solution built with DataOps capability. It stands out as a versatile ETL product for building and managing data estates with high-grade data flows. The platform powers operational analytics and AI initiatives, drastically reducing the costs and development efforts associated with data projects and data science ventures. It’s engineered to connect to any source, perform in-memory transformations of streaming and batch data, and direct the results to any destination with minimal effort.
IOblend’s use cases are diverse and impactful. It streams live data from factories to automated forecasting models and channels data from IoT sensors to real-time monitoring applications, enabling automated decision-making based on live inputs and historical statistics. Additionally, it handles the movement of production-grade streaming and batch data to and from cloud data warehouses and lakes, powers data exchanges, and feeds applications with data that adheres to complex business rules and governance policies.
The platform comprises two core components: the IOblend Designer and the IOblend Engine. The IOblend Designer is a desktop GUI used for designing, building, and testing data pipeline DAGs, producing metadata that describes the data pipelines. The IOblend Engine, the heart of the system, converts this metadata into Spark streaming jobs executed on any Spark cluster. Available in Developer and Enterprise suites, IOblend supports both local and remote engine operations, catering to a wide range of development and operational needs. It also facilitates collaborative development and pipeline versioning, making it a robust tool for modern data management and analytics
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