Insurance Insight-Driven Journey – Lever 1: Efficiency
Use Case
Challenge
Challenge
A leading insurance company faced a common challenge, scattered data, lack of uniformity, and a costly data infrastructure. The absence of information was affecting confidence and operational efficiency.
Solution:
To address these issues, a comprehensive approach focused on empowering data should be implemented:
Orientation to enable data:
A multidisciplinary team was established to transform the company’s culture towards a data-driven mindset. This included training employees on the importance of governed and accessible data.
Cost-Efficient Infrastructure:
A shift to a modern and more efficient infrastructure was made, leveraging the cloud to reduce operational costs and improve scalability. This allowed for more effective management of large volumes of data.
Governed, Accessible, and Accurate Data
A rigorous data governance process was implemented to ensure data quality, safety, and accessibility. This included data quality policies, clear roles and responsibilities, and a metadata system.
Results
Information based on data: The company now has a single reliable data source, eliminating confusion.
Data Confidence: Confidence in the data has significantly increased due to improved quality and effective governance.
Fast and Reliable Data Access: Employees now access data quickly and reliably, enhancing decision-making and productivity.
Lessons Learned: Investment in technology, training, and well-defined processes can drive a successful transformation, allowing organizations to reach a level where data becomes the backbone of strategic decision-making.
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