ICICI Lombard General Insurance Company Limited is a general insurance company in India. It is engaged in general insurance, reinsurance, insurance claims management, and investment management. The firm offers policy insurance and renewals through its intermediaries and website.
Company
- Size: 5001 – 10000 employees
- Location: India – Mumbai
Industry
Practice Areas
Challenge
Technology is transforming the insurance ecosystem not just in scale but also in fundamental aspects. Insurance companies can either ride the digital wave or be hit by it. As we all know, the insurance industry is paper-intensive. Since its inception, it has relied heavily on paper usage to collect and maintain all the required user information. Insurance and Mediclaim companies are burdened with an overwhelming amount of customer data. Insurers are required to collect personal data (PII) of individuals to fulfill legal obligations and assess risks and analyze future trends. ICICI Lombard has built multiple data-intensive/intelligent applications on Microsoft cloud leveraging Advanced Artificial Intelligence (A.I.) programs, Machine learning (ML) tools, and Data Factory is being brought in to perform data mining tasks.
As the cloud environment grew and became more complex, the ICICI BIU team faced a challenge to control Azure governance and cost management. With the continuous increase in Projects and Team members, it was t difficult for ICICI Lombard to maintain visibility of its cost, especially for cloud resources, as it was going higher day by day.
ICICI Lombard decided to work closely with Cloud 9 Infosystems for cost optimization; Azure Managed services support, billing management, and subscription management.
Solution
Cloud 9 Azure experts assessed ICICI Lombard’s Azure environment to better understand, classify, and size existing workloads. They also inspected key metrics such as resource usage, service costs, utilization, and reservations. This baseline inspection resulted in a collection of recommendations for reducing costs and closing common security gaps, which in turn fed into the Optimization Pipeline. Cloud 9 Infosystems followed industry best practices and the key principles shown below to position ICICI Lombard’s success in Cost optimization.
Results
With Cloud 9’s Cost Reliable Managed Service offering, ICICI Lombard’s BIU team now has clear visibility of its Microsoft Azure cloud spend and a deeper understanding of how individual Microsoft Azure resources impact their budgeting.
Cloud 9 continues to work with ICICI Lombard as their trusted advisor to make sure their Microsoft Azure cloud infrastructure is optimized for cost, security, reliability, availability, and scale. Along with the support of ICICI General Lombard’s team, there has been an Azure consumption cost reduction of about 20% on their monthly invoicing.