CLOUD & CYBER
“ Insurance is a datahungry business . How insurance organisations handle that avalanche of information is critical to success ”
RORY YATES SVP OF GLOBAL STRATEGY , EIS
This is something that Jason du Preez , Vice President at Informatica , concurs with : “ Data management is vital to the insurance industry as it reinvents itself to stay relevant in today ’ s digital world . Data governance has become a critical aspect of data management in an industry dependent on sensitive , personal customer data . Not only for defensive plays like regulatory compliance , but also for important offensive plays that bolster competitive advantage like more accurate risk assessment , efficient claims processing or enhanced customer experience .
“ But effective data governance is a challenge for insurers , many of which are large enterprises . Our survey of 600 global executives revealed half are using five or more technologies to support data management priorities in 2023 . This complexity introduces technical debt , interrupts the data supply chain , and makes transparency , data quality and governance significantly more difficult to achieve .”
For du Preez , whose company specialises in AI-powered cloud data management , choosing the right data governance structures and IT systems is an important step in ensuring that you ’ re able to preserve the integrity of stored data .
“ For insurers , data fuels risk assessment , underwriting , pricing , fraud detection and claim processing – all tasks where data integrity , including quality , privacy and security is essential ,” he continues .
insurtechdigital . com 105