Data governance

The tech giants evolved out of necessity to migrate to a more flexible and responsive architecture by incorporating microservices.

MDM is growing in importance to keep up with a proliferation of analytics and external demands.

Goal is to use more third-party data to make it easier to sell BOP to more categories of small businesses.

There will be many new data sources and tools available, increasing exposure to cyber risk in the world.

It is a powerful positioning for insurance carriers to view themselves as data companies first, incorporating that information across all facets of the organization.

Across the industry, carriers report that basic third-party data capabilities are common and that pilot activity is high.

Aetna has signed on to the Synaptic Health Alliance, a group started by Humana and four other insurers earlier this year and which is also adding hospitals.

One of the most important aspects of data management is ensuring data quality. Without this, capabilities such as machine learning and advanced analytics might yield faulty results.

Carriers are looking to deploy AI and RPA tools to help defend against the onslaught.

The role of many chief information officers is changing, as organizational strategies advance from data governance initiatives to artificial intelligence governance.

Companies are putting greater emphasis on data quality to gain full value from their data assets.

The term 'information management' might sound interchangeable with 'data management,' but it's not — information is one step closer to being usable. Information is 'organized data,' which means it's eminently more valuable to your company or organization than raw data from any analytics dashboard.

The American Association of Insurance Services will launch the openIDL to share data between carriers and regulators.

IT execs point to inconsistent data, incompatible technologies and organizational silos as major impediments.

Many organizations are challenged at how to best establish a successful governance strategy around their master data management efforts. It starts with the right individuals and attitude.

Those organizations that have been unable to build scalable systems need governance the most, and are the least able to achieve it, says William McKnight.

Insurers need to perform due diligence to determine which platform or platforms will best facilitate their strategic objectives.

How can one remain true to the concept while also bringing in the technical depth and the 'flexible coupling' that come from a separate team?

The insurer gets access to data from participating auto manufacturers, including Mitsubishi.

Traditional tools must be supported by techniques such as machine learning to increase the reach and productivity of these initiatives, says Protiviti