Optimizing Insurance Business Processes with Quality-Powered Data Governance
For nearly 30 years, Precisely has partnered with this Fortune 100 mutual life insurer to ensure the quality of the company’s critical business data. Precisely solutions are used within and between numerous systems and insurance business processes across the enterprise to validate the integrity of key business data for operations such as performance accounting and revenue recognition.
In 2014, the company began an initiative to build a state-of-the art investment data hub. They implemented Precisely solutions to protect and improve incoming data quality from external third party sources such as custodial banks, reference data vendors and sub-advisory asset managers. Quality of external data was paramount, as much of the external data was feeding critical systems such as investment accounting, deal allocation, data warehouse and ultimately, the general ledger.
The company realized that, while critical, data quality was just one part of the data management equation. They recognized the need for enterprise data governance to streamline their new enterprise data management strategy, optimize performance of their new investment data hub, ensure accurate custodial reconciliation and maximize their RO.
Under the direction of the chief data officer (CDO), the company launched an aggressive plan to establish and implement data governance tools, policies and processes across the enterprise. The initial effort included the creation of business glossaries in spreadsheets to document metadata, data ownership, definitions and business attributes policies, in addition to the controls that were implemented as part of the
data quality initiative. The company also had a critical need to understand data lineage across systems at a business level, which they managed in a spreadsheet tool integrated with Salesforce.
Read how this organization established end-to-end insurance business processes to achieve visibility and control over third-party data.