Cost Allocation Rules Engine Modernization

Customer Challenge

A local insurance company required a modernized data environment to automate their month-end and year-end close processes.

Innovative Solution

Illumination Works is utilizing an artificial intelligence method called well-formed formula to create metadata structures and build a cost allocation rules engine. This solution provides insurance business analysts and developers with a consistent and straightforward way to manage complex business rules and improve reporting. For this effort, our team is creating a transaction data landing, prioritizing conflict resolution rules, and developing a rules results-based audit process.

Benefits/Outcomes

  • Increased flexibility to adjust cost allocation methods
  • Rapid identification on imbalance causes
    and remedy
  • Easy to maintain month-end and year-end close processes (add new, modify, or remove rules) 
  • Unifies rules and processes to a single location
  • Allows for advanced ‘what if’ distribution rules scenarios
  • Replacing 400+ ETL jobs

Toolbox

  • Rules engine best practices
  • Data process automation
  • Agile methodology
  • Limited scope/strict master data management (MDM)

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