Many insurance carriers are transforming the way they do business by deploying new software technologies, migrating data and services to the cloud, and leveraging artificial intelligence (AI) to speed decision-making. Data is at the heart of all these initiatives, and it has a direct impact on success or failure. When that data is integrated into upstream or downstream processes, it can also have a broader impact on the operational, analytical, and compliance needs of the organization. The traditional, and often ad-hoc, tools and processes that organizations employ to support data quality, data integrity, transaction reconciliation, and exception management are often inadequate. They do not provide the speed, technical agility, and intelligence demanded by digital transformation initiatives.
Join us to explore proven methods of how insurance carriers are maximizing ROI and minimizing the time-to-value of digital transformation initiatives by:
• Aligning data governance with organizational and project objectives to reduce implementation effort and duration
• Leveraging automated controls for data quality, including balance and reconciliation of data in motion to avoid operational disruptions and maintain regulatory compliance
• Increasing efficiency and capability through centralized data integrity solution
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Maximize ROI of Insurance Digital Transformation Initiatives with Proven Data Integrity and Data Governance Methods
1. Maximize ROI of
Insurance Digital
Transformation Initiatives:
Proven Data Integrity &
Data Governance Methods
2. Housekeeping
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4. The leader in data integrity
Our software, data enrichment products and
strategic services deliver accuracy, consistency, and
context in your data, powering confident decisions.
of the Fortune 100
97
countries
100 2,400
employees
customers
12,000
Brands you trust, trust us
Data leaders partner with us
Precisely Confidential and Proprietary - Do Not Copy or Distribute
4
5. Data integrity is…
data with maximum
accuracy, consistency,
and context for confident
business decision-making
5
6. The elements of Data Integrity
Change Data Capture
ETL
Machine Data
Integration
Process Automation
Integrate
Data Governance
Data Profiling
Data Quality
Master Data Management
Self-Service Analytics
Verify
Spatial Analysis
Geocoding
Routing
Visualization
Locate
Geographic Data
Business Data
Industry-Specific Data
Enrich
Integrated Comms
Personalized Video
Chatbots
Responsive Messaging
Digital Self-Services
Engage
6
7. 7
$1.3
Trillion
Spend on digital
transformation
in 2020
$2.3
Trillion
Projected spend on digital
transformation in 2023
“The companies that will stand out are the ones that are going to find
ways to move a bit faster, at the pace of the people they’re insuring.”
— Scott Simony, head of industry, Google
8. Increase Productivity
& Revenue
GROW
Improve Customer
Experience
New Product &
Service Offerings
New Business
Models
Digital transformation examples
8
Corporate goals - portfolio / risk realignment
• Shift from commoditized products to higher value offerings
• Expand markets / territory / states
• Enable analytics / modeling to drive direction
• Leverage technology for UW and custom products
Objectives to support goals
• Modernize systems for flexibility to quickly add/modify
products and enter/exit markets
• Implement data platforms for analytics, reporting, and
rapid integrations
• Improve entity understanding and relationship
• Leverage IOT
9. 9
Data trust
Only 23% of business decision-makers are
confident that data will support their
business objectives.
10. 10
Increase Productivity
& Revenue
GROW PROTECT
Improve Customer
Experience
New Product &
Service Offerings
Operational Risk
Regulatory/Legal Risk
Financial Risk
New Business
Models
Strategic/Reputation Risk
DX
1. Digital portfolio of
products & services
with an ecosystem
of partners
3. Omnichannel
customer
experience
2. Advanced
analytics
4. Automated
operations
Growth Brings Risk
11. Governance enables & accelerates programs
11
Time
The scramble
Build & migration
How could that be?
Degradation
We own it
Reliability
Let’s start with data!
Enterprise collaboration
Data Readiness
Traditional
Mobilization point
Recognition of
Lost ROI 18-24 months to stabilize and
begin realizing business value
Master data degrades at an
avg. Rate of 2-7% per month
Proactively mobilize early!
25% reduction in implementation time
40% reduction in development effort
50% less functional spec rework for data
VALUE
CREATION
RISK
REDUCTION
12. 12
Align data governance to organizational and project
objectives to reduce implementation effort and duration
Leverage automated controls for data quality, including
balancing and reconciliation, to avoid operational
disruptions and maintain regulatory compliance
Increase efficiency and capability through a centralized
data integrity platform
13. Align data governance to organizational and project
objectives to reduce implementation effort and duration
15. The point is…
Reporting & compliance
• Internal reporting
• Industry-specific regulations
• HIPAA
• SOX
• Basel II
• GDPR
Analytics & insights
• Big data
• Machine learning
• Internet of things
• Global visibility
• Real-time analytics
• 360° view of the customer
Operational excellence
• Improve working capital
• Strategic sourcing
• System migration &
consolidation
• Enhanced customer
satisfaction
• Product traceability
• New product intro
Delivering business outcomes and connecting business goals, objectives & value with
measured impacts & risks
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16. Business-first approach
• Prioritize the data that matters
• Link Data Governance to
business goals
• Build stakeholder engagement
across all levels Data Governance programs
that prioritize critical data
have 5x faster time-to-value
16
17. Linkage to value drivers make the program relevant
17
C-suite strategy
Improve policy
risk & pricing
Ability to access the
correct data faster
Removing
excessive process
steps
Business initiatives & associated KPI’s
Policy sales
growth – IOT
deployment
Client renewal /
retention – Billing
modernization
Average cost
per claim –
Snowflake
Loss
Ratio –
Other DX
Data governance operating model & platforms
Organization
• Organizational support
• Process ownership
• Productivity improvement
• Elimination of non-value-added
activities
Tools
• Metrics definitions
• DQ reporting
• Workflow
• Standards and rules repository
Governance
• Standards and rules
• Measures and metrics
• Process standards
• Business traceability
• Business and data definitions
Highly visible
strategic “wants”
Less visible
enablers
19. Leverage automated controls for data quality, including
balancing and reconciliation, to avoid operational
disruptions and maintain regulatory compliance
23. PROBLEM
Success Story
• When implementing a new
financial data warehouse, this
insurer needed to automate
reconciliations between the
SAP GL daily and monthly.
• Confidence in the quality of
the data was paramount to the
success of the project.
SOLUTION
• Precisely solutions implement
comprehensive end-to-end
data quality checks around the
new DW and the SAP GL.
• Automated monthly
reconciliations are reduced
from two days to 30 minutes
and deliver high confidence in
the quality of the data.
Global Insurance
Provider
• Data transformation & rationalization
• Business process optimization
24. PROBLEM
Success Story
Core system transformation
presented the opportunity to
recalibrate how the mechanics
of financial reconciliation
processes could be improved to
reduce:
• Process costs
• Increase speed
• Limit risk and improve accuracy
SOLUTION
Precisely solutions improved
operational and audit efficiency
to support regulatory compliance
by instituting a standardized and
automated end-to-end data
integrity process to reduce errors
and improve data quality.
P&C Insurance
Company
• Data transformation & rationalization
• Compliance & regulation
26. “Through 2024, 50% of
organizations will adopt
modern data quality
solutions to better
support their digital
business initiatives”
Digital transformation of
governance and quality
• Speed
• Technical agility
• Intelligence
• Automation
• Efficiency
• Standardization
26
27. GOVERNANCE ACCURACY CONSISTENCY CONTEXT
On-premises, Hybrid Cloud & Cloud
Data Integration
Governance &
Quality
Location Intelligence Data Enrichment
SOLUTION AGILITY
INTEROPERABLE | INTELLIGENT | PRECISELY ID
27
DATA DEMOCRATIZATION / MODERN USER EXPERIENCE
28. Drive organizational
success
• Incorporate a business first data
governance approach into
strategic initiatives
• Practice the quality fundamentals
• Ensure controls solutions are
compatible with the speed,
flexibility and standardization
required for digital transformations.
28
In the race for digital transformation, industries are investing more and more in new technologies, such as
Big Data,
Artificial Intelligence , or
the Internet of Things.
Admittedly, digital transformation isn't exactly new as a term anymore either, and it seems a bit hackneyed. Nevertheless, huge investments are still being made and the actual drivers and motivations are apparently still omnipresent.
IDC, for example, puts global investment in 2020 at 1.3 trillion dollars and forecasts spending of 2.3 trillion dollars in 2023, which are huge sums.
So, what do companies expect from digital transformation?
What are the drivers and what are the success factors?
Why transform at all, and if so, with what goal in mind?
What are pre-requisits for success?
Can also note that HFS Research, 2021 did a survey of Global 200 insurance executives, and they found ‘Deficiency in overall data quality’ is the number two inhibitor holding back from achieving digital transformation objectives.
MS – Get words for bottom portion from the original slide. Leverage notes below to talk about context of objectives and application
Original notes
With stronger
customer expectations,
increased customization demands,
the complexity of the global supply chain and
changing regulations,
manufacturers are in need for change, which they try to achieve through digital transformation and digital optimization.
Their main objectives are to grow
by reducing manufacturing and logistics costs. For example, through strengthening the traceability and transparency within the supply chain
by improving customer experience
by developing new products and service offerings
by creating new business models.
On the other side, they need to protect their business from different types of risks as it can be seen here.
To achieve these objectives, quality control is one eminent important pre-requisite – in the physical world of manufacturing as well as in the digital world.
Every manufacturer has a very good quality control for their existing physical production processes to reduce cost, improve efficiencies and deliver quality products.
Imaging what it means to deliver a car, where the engine does not work, because nobody tested the engines before?
What would be the cost when you have to do the recalls of your products to fix it?
What would be the customer experience?
What would it mean to your brand and revenue?
When you have a data supply chain with a weak quality control, the same impact occurs to your business!
Let’s have a look at a few initiatives in the manufacturing industry where trusted data are a pre-requisite.
Get Sue’s words from her presentation on data governance and data quality
Hierarchy of
Objectives
Metrics – tied to calculations and data
Business Terms – tied to physical data
Rules and scores – tied to data
Balancing and reconciliation
Data quality or transformation or integration
Process model showing controls
High-level overview of centrally managed controls
Highlight ease of use – showing reconciliation w/ drag and drop capabilities
Centralized and standardized location for controls (show multiple recons in one place)
Visibility - dashboard of control status w/ drill downs
Integrated exception management - for maintenance and auditing
ACTIONS – highlight technical agility, e.g. legacy to current, Streaming, volume, other types of modern needs.
Dual use – testing and production (talk track around enabling projects and testing then rolling to production for consistency)
Operational / month end process Speed type value – proactive notifications, detailed level validations, exception reporting, centralized exception management and root cause analysis.
Precisely Data360
Data360 DQ+
Modular, SaaS applications allows choice with evolving business needs
Intelligent M/L for prescriptive recommendations and actions
Low-friction accessibility for rapid time-to-value
Designed in the Cloud, can run anywhere
Best-in-class user experiences to cultivate data culture
Built to partner for interoperability and scalability