In the insurance industry, it is all about minimizing risk! Eliminating risk in their transactions is impossible, however reducing their exposure to risk equates to profit. When you are a global insurance powerhouse, your exposure to risk can be extraordinary. As with many other industries, insurers have found that proper data management will significantly reduce their exposure to risk and increase their bottom line. Conflicting data can significantly impact operations and financial stability. When you are transacting business in the millions of dollars daily, there is absolutely no room for error — you have one chance to get it right.
Recently, Data Ladder and leaders from an insurance giant partnered to ensure the accuracy of their data. It was a perfect match for both companies, and from the beginning the results were phenomenal.
The existing system being used presented some challenges for the insurer. Their system did not have a hard edit function, where payee names can pre-populate. Operators were able to key in any type of data into the fields. When queries were run, long lists of duplicate information were produced. This resulted in a multitude of problems, especially with names not aggregating appropriately. Because of the strict compliance requirements of the insurance industry, these type of issues required constant attention, resulting in a loss of productivity performance and lower financial viability. The insurer knew that having clean and accurate data was critical to future success and compliance.
“As part of the insurance industry we have to provide internal reports. We could not do these reports before. Now, DataMatch has become a main staple in my suite of tools that I work with!”
Andy Green – Statistics Manager, Zurich NA
To experience the same exciting results with your data cleansing issues, go to our website and download a free trial. We are confident that our partnership will quickly resolve your data issues and result in significant financial performance.