Provocative Business and Data Consulting Solutions

Manage Enterprise Information

Give a Voice to Your Data

Over the past 40 years, data has meant “reporting.” Reams of paper, countless data points and little meaningful insight. Insurance executives have based trends on a few key pieces of data, glue together by department heads and accounting groups scrambling for half a quarter to generate reports.

Data is not back office reporting anymore – the good use of data is critical to an your operation and continued viability in the market.

You sell insurance, but you must have the right data at the right time to stay on top of the market. Find out how you can use existing and future data to increase your business value.

How to manage and use your data

Maturity Assessment

External data, internal enterprise data, marketing and media activity and agency/broker touch points all blend to create a universe of data from which to draw and gain usable insight to guide your organization.

Working with data is not new, but the way we work with data is evolving.

But questions arise:

  • Do you spend too much time and money chasing bad data?
  • Does your “data team” manage change well, and quickly?
  • Where do you need to grow to support increased demand?
  • How do you get from an initial level of data to an optimized state?

Not all insurer’s data capabilities match the demand for new data. Some insurers have combat this problem with analytics and dashboards that are build quickly, without support.  These assets quickly become stale without basic governance and stewardship.

Other maturity models assess you internal data universe, but our models gives the complete story. Our EIM³ measures the operational effectiveness of your tools and processes alongside your data operation.

Data Use & Information

In a perfect world, agencies and agents would leverage customer data to find new sales opportunities, but they are currently lacking the technologies to find this data, or the training on how to use it.

The agent of the future will be provided with tools and data that will help them find clients and prospects who are ready for insurance offers.

Much of this is possible today, but agents and agencies need the right technologies and best practices to extract the value.

In the future:

  • Data will increasingly become the agents’ best friend for generating sales from things like alerts to clients’ service needs before the consumer asks for help
  • Data will be the basis for all emerging innovations such as context aware computing, digitization, gamification, and mobile experience

Start planning on how to give your agents access to critical demographic interactions or other useful information from third parties. You should also consider how to apply data to areas like industry diagnostics, internal decision support, and consumer trend alerts.

Merger & Acquisition Strategy and Consolidation

As mergers and acquisitions become more popular, insurance companies must develop new skills to assess and plan for consolidation. Too often, insurers miss the opportunity to use data to prep for mergers, and only focus on systems and processes. You will need to rationalize systems, processes, staff, and organization.

Gain a strategy that leverages data from both organizations and how it can be used to improve your sales and service.

Start with an analysis of the data and tools you are acquiring and create a data dictionary to determine what needs to be cleaned, consolidated or migrated to new platforms. Once you are confident that the data is as clean as it can be, you can put it to use for your agents and consumer self-service.

Governance Implementation

With access and speed to use data increasing quickly, data governance models need to adapt and change, too.

Agile and complete data managementIf you spend too much time and money “governing” data, it’s time to look at new approaches that can work with agile organizations. At the end of the day, data governance programs must insure the appropriate, timely, and
accurate use and delivery of data.

These requirements must be met in order to succeed in today’s competitive market place. Don’t get left behind!

Get set up for success in weeks rather than months with implementation of lightweight and agile governance methods. This allows for immediate operational risk reduction in data privacy, compliance, reporting, and customer service.

Data Topology

You need to utilize data strategically to remain competitive, nimble, and compliant. Your data is a goldmine of information that could be tapped to drive business as a major corporate asset.

Gain more profitable markets or channels, new markets or products, and even higher quality customer engagement.

To achieve all this, you will need to define, describe, structure and govern information assets across organizational and technological boundaries. Get a clear view on which assets are most critical to your business and execute on smaller, impactful efforts to demonstrate value more quickly.

KPI Modeling

Just because a data point can be measured doesn’t mean it should be captured, tracked, or reported.

In our experience, insurers suffer from data overload.

Analyze your universe of metrics and measures to identify the most meaningful key performance indicators and establish a hierarchy of strategic objectives based on your choices. You should walk away with a streamlined set of 12-20 core KPIs that will track important areas like  impacts to process, the use of data technology, or performance management and incentive programs.

Insurers will gain business value NEOS

Want to learn more about EIM?

Check out our whitepaper that defines and reviews its maturity and role in our post-recession area.

Read the blog

Learn more about storing and accessing your data

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