Data modernization in insurance – a necessity to thrive

Analyzing vast amounts of data is at the heart of insurance, but with ever-increasing data volume, variety and velocity the task is getting more and more complex. Modernizing data management in the cloud is now vital, as described in a new Cognizant/Informatica whitepaper.

Advances in analytics, automation and the cloud alter how brokers, underwriters and reinsurers operate. Data and its flow across the company is the very bloodstream, but surging volumes, complex structured and unstructured formats, and siloed legacy systems conspire to minimize data’s realizable value. Many insurance companies also still rely on outdated systems that may not be compatible with modern data analytics.

A new approach to data

The ambition to lower operational costs, improve customer experiences and product development as well as to adhere to new regulations, requires a new approach to data management and governance. Data modernization should thus be topping the agenda for any forward-leaning insurer, unifying all disparate internal and external data sources under one common platform.

The business benefits of a platform are several, where access to accurate, quality-assured and consistent data paves the way for improved risk assessment, fraud detection and customer experiences.  Furthermore, it supports reliable ESG reporting, operational efficiencies and ongoing innovation while strengthening data privacy and unlocking the benefits of AI.

Scalable SaaS platform at center

How do you leverage data modernization as an insurer then? Informatica and Cognizant have a long history of helping insurance companies become more data-driven, delivering 200+ joint data and cloud projects. At the core is the Informatica Intelligent Data Management Cloud (IDMC), a scalable and cost-effective SaaS cloud solution that unifies any data management service insurers need on a single platform. It’s designed to help insurance companies govern and democratize their data – whether on-premises, in the cloud or hybrid – to derive more business value. Get a quick overview of how Cognizant/Informatica can help reduce risk and enable accelerated underwriting here.

Ultimately, insurers need to fundamentally rethink the technology foundations that underpin their data-management efforts. As data will be an increasingly important asset in the insurance industry, continuing on the traditional track isn’t an option in regard to extracting business value.

Learn more in the whitepaper Why data management is one of the insurance industry’s biggest risks and the infographic Becoming a data-ready underwriter – How modern data management can accelerate underwriting’s digital transformation.

There is also more to explore on our insurance section of the web and you can also contact Michael Wendel, Insurance Market Consulting at Cognizant.