TO TRANSFORM SILOED legacy data into a single "gold" master copy that's usable across the enterprise, insurers such as Aflac are undertaking master data management programs. A systematic, business-driven approach that includes governance ensures MDM success.
It's an issue that has long vexed insurance companies- when information needs to be reconciled, how to extract essential data out of silos without expensive or time-consuming, hand-coded scripting or manual handoffs between departments. In an era when fast-paced growth, overnight market shifts and endless mergers and acquisitions are the norm, insurers can no longer afford to have departments wrestling with multiple copies of incompatible data, or representatives inputting or looking up data multiple times for each transaction. What is needed is a "gold" master copy of the data that is shared across all departments and systems.
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