A Closer Look into the Insurance Industry
Insurance providers that practice data governance focus primarily on data related to structured policy, claims, underwriting, and finance. These types of data are fundamental to the business with respect to claims processing, risk assessment, and policy administration and pricing. At the same time, most insurance organizations overlook effective data governance for both unstructured and third-party/external data.
According to a study by Novarica1 , only 15% of survey respondents indicated that unstructured data from documents and internal systems are part of the data governance program in their respective organizations. As a result, the lack of a comprehensive data governance strategy represents missed opportunities and growing concerns in the following areas for the insurance industry:
Lack of Self-Service Analytics Impedes Business Agility
Self-service analytics refers to the ability that allows business analysts and lines of business to access data and perform analysis and reporting without the active involvement of IT. This is important in today’s insurance landscape where customers demand convenience, similar to an Amazon- or Netflix-type experience, where products and services are only a few clicks away.
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The Rise of Data Access Governance in the Insurance Industry
