Insurance carriers are inundated with data—data from their policy admin systems, financial systems, CRM systems, claims systems, etc. Because most carriers' IT systems grew up in siloed business units, there was little to no sharing of data across departments. Business would ask IT to provide enterprise views, but IT would come back with very expensive programs to prepare the appropriate data model, cleanse the data, migrate and transform the data, mine the data and, finally, provide a report that was out of date because the data was days or weeks (or months!) old. This led to businesses creating massive numbers of Excel spreadsheets or Access database reports that were/are very myopic, and semantically inconsistent with their peers, who were doing the same task.
Many carriers have tried their hand at master data management (MDM). They spent tens of millions of dollars to try and get the uber insurance data model correct, and consolidated (and of course cleansed and migrated to a data warehouse) before they could produce any meaningful reports that provided business insight. Basically, they were trying to “boil the ocean,” and many programs failed under their own weight.
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