Akad Seguros Case Study

Akad Seguros has been at the forefront of redefining the digital insurance landscape by leveraging data to drive analytics and GenAI solutions for personalized and innovative insurance solutions. 

We sat down with Andre Fichel, CTO of Akad Seguros to talk about how Akad Seguros unified its analytics and GenAI pipelines to process structured, semi-structured, and unstructured data using DataPelago’s Universal Accelerated Data Processing engine and achieved 50% cost savings.

How is Akad Seguros differentiating in the insurance market?

So at Akad, we are redefining the digital insurance landscape with personalized and innovative solutions tailored to meet the needs of our clients and brokers. Based in Sao Paulo we take pride in the superior quality of our products and the strong collaborative relationships we cultivate with our partners. Operating with local autonomy and backed by a specialized underwriting team we deliver exceptional service across our key markets. We are the leading providers of professional liability insurance. Top three in cargo insurance and top five in executive liability insurance in Brazil. We have established ourselves as industry leaders. Our proprietary technology platform democratizes access to vital information and streamlines processes, blending tradition with cutting-edge innovation to drive progress for our clients. At Akad Seguros, we are not just keeping pace with change, we are accelerating it, ensuring that our clients grow and thrive alongside us.

How is Akad Seguros bringing efficiencies in insurance sales?

Akad Seguros is revolutionizing the insurance industry by enhancing efficiency and innovation in the sales process. Through close collaboration with brokers, we have developed a GenAI-based solution that swiftly addresses their inquiries, enabling them to deliver accurate information to customers more efficiently. We leverage our data lake to meticulously analyze customer segments, risk profiles, and price elasticity, providing valuable insights that result in customized insurance quotes. These innovations, optimize our operations, improve profitability, and support brokers, all while modernizing the insurance sector.

Can you describe the high-level architecture of your technology stack?

Akad Seguros is a pioneer in leveraging the ChatGPT model in Brazil to revolutionize brokerage workflows, earning us the prestigious 2024 Celent Model Insurer award for Customer Experience for our groundbreaking customer service automation project. This is a three-piece solution comprised of bot (Akad bot), Oracle, and an agent. So, these three components revolutionized broker support, slashing wait times and boosting partner satisfaction. Our agile scalable tech staff swiftly incorporates new technologies driven by a mission to offer personalized accessible solutions. Leveraging GenAI we streamline processes, enhance decision-making, and cut operational costs, enabling rapid product launches and maintaining our competitive edge.

What did you find most interesting about the DataPelago Platform?

So, we identified a set of objectives for the revamping of our technology stack.  We wanted

(1) A modern data stack that works on open standards such as Lakehouse Open Table Formats, and avoids vendor lock-in.

(2) A data processing platform that unifies all our data pipelines - structured, semi-structured, and unstructured, onto a single platform to support our business needs, now and in the future.

(3) A data processing platform to be future-proof so that we are not just rebuilding or refactoring at every turn of innovation in the industry.

(4) A data stack that allows us to leverage the best-accelerated computing technologies available in the market so that we have the freedom to innovate at the business level.

(5) Reduce our costs by 50%

DataPelago checked all of the above boxes for us.

What is your advice for companies planning their data transformation?

That's a great question. I think for any company aspiring to become a smart-driven enterprise, it's vital to first identify and leverage your core strengths and competitive advantages. 

At Akad for example, we prioritize business innovation over directly managing the information and platform as a service infrastructure for data processing. 

So, when upgrading your data processing stack, you should ensure alignment across the organization with your high-level strategy. Setting clear goals and measurable targets for each objective to track progress efficiently. Additionally, treat your vendor as a strategic partner. This is very important. 

Selecting the right provider is crucial as their infrastructure underpins your innovations and supports your business objectives.