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Big Data Creates Specific Challenges for Firms Competing in Financial Services Sector

Asia Capital Reinsurance Chooses Revolution DeployR to Analyze Complex Data and Generate Business Insights

Background

Headquartered in Singapore and regulated by the Monetary Authority of Singapore, Asia Capital Reinsurance Group (ACR) is the world’s first independent reinsurance group with an exclusive focus on serving clients in the fast-growing pan-Asian region, extending from the Middle East, through China to Japan, and south to Australia and New Zealand. ACR provides clients with a combination of strong Asian dedicated capacity, global underwriting standards and expertise, as well as in-depth knowledge of the Asian insurance markets. The specialty lines ACR underwrites include aviation, casualty, credit & surety, medical, motor, energy, engineering, marine and property.

Challenge

Like many companies in the financial services sector, ACR looks for the most effective and strategic ways to leverage the explosion of Big Data. Specific challenges include:

  • Transferring of data between various applications and systems
  • Generating useful insights from the data that can be applied in real-world business contexts to strengthen the company’s market position

ACR responded to those challenges by seeking a web-based analytics platform for underwriting that was powerful and fast enough for handling Big Data. Flexibility, extensibility and cost-effectiveness were also required. Since the R programming language is designed specifically for data analysis, the firm was open to considering software written in the R language.

Solution

ACR chose Revolution DeployR as part of the solution to its Big Data challenges. With DeployR, the firm’s analysts can use their existing BI (business intelligence) tools and dashboards to generate actionable insights from complex data. Because DeployR is web-based, the firm can begin reaping business benefits without extensive training or major investments in new hardware/software platforms. DeployR’s web interface creates a user-friendly experience that will lead to higher adoption rates, more usage and greater ROI—at a faster pace than would be possible with traditional analytic solutions.

“Revolution provides an out-of-the-box integration interface between applications and systems with existing analytical scripts in R,” says Betrand Cheam, System Analyst at ACR. “In addition, DeployR should be able to handle performances issues resulting from such integration and data.”

Revolution DeployR provides “a web service that is platform-independent, easy-to-use and a standard for integration,” says Cheam. “Analysis can be easily interfaced by other applications and systems. DeployR can also be used as a supporting platform so that analytical scripts in R can be improved or updated without downtime for business users.”

Results

For ACR, Revolution DeployR “provides analytical solution in a timely manner, a web service that can be interfaced with and shared amongst existing web applications/systems, and proper control of R-codes,” says Cheam. “We are also impressed by its high quality code and parallel computing capability.”

Since Revolution software represents the largest commercial distribution of the open-source R language, additional benefits include “a very large statistical library, availability of source code for peer review and an active supporting community,” says Cheam.

Overall, Revolution DeployR/ScaleR helps ACR handle Big Data without the high costs and hassles associated with traditional analytics. In the world of financial services, that kind of capability translates into competitive advantage for ACR.

User

About Revolution Analytics

Revolution Analytics was founded in 2007 to foster the R community, as well as support the growing needs of commercial users. Our name derives from combining the letter "R" with the word "evolution." It speaks to the ongoing development of the R language from an open-source academic research tool into commercial applications for industrial use.

Though our Revolution R products, we aim to make the power of predictive analytics accessible to every type of user & budget. We provide free and premium software and services that bring high-performance, productivity and ease-of-use to R – enabling statisticians and scientists to derive greater meaning from large sets of critical data in record time.  

We also offer our full-featured production-grade software to the academic community for FREE, in order to support the continued spread of R's popularity to the next generation of analysts.

For customers such as Pfizer, Novartis, Yale Cancer Center, Bank of America and others, our flagship Revolution R Enterprise product stands for faster drug development, reduced time of data analysis, and more powerful and efficient financial models.

About Revolution Analytics

Revolution Analytics was founded in 2007 to foster the R community, as well as support the growing needs of commercial users. Our name derives from combining the letter "R" with the word "evolution." It speaks to the ongoing development of the R language from an open-source academic research tool into commercial applications for industrial use. 

Though our Revolution R products, we aim to make the power of predictive analytics accessible to every type of user & budget. We provide free and premium software and services that bring high-performance, productivity and ease-of-use to R – enabling statisticians and scientists to derive greater meaning from large sets of critical data in record time.  

We also offer our full-featured production-grade software to the academic community for FREE, in order to support the continued spread of R's popularity to the next generation of analysts. 

For customers such as Pfizer, Novartis, Yale Cancer Center, Bank of America and others, our flagship Revolution R Enterprise product stands for faster drug development, reduced time of data analysis, and more powerful and efficient financial models.