Transformations have been ongoing in the insurance sector for multiple decades. However, value realization has not always been up to expectations. Given the recent advances in technology and cloud computing, a data-first transformation approach can lead to a greater business, operations and technology value realization. Benefits from this approach are numerous as depicted in the below figure.

Data-first transformation approach involves starting with a data focus. Which means to be able to get a comprehensive grasp of all the data involved with transformation. Insurers should be able to identify, cleanse, organize, establish governance, and load data into a, preferably cloud-based, data repository. Once this is accomplished, process and system transformations can be undertaken. Finally, transformed data and systems need to be connected by a well architected data fabric. Data fabric is a newly evolving data architecture and framework to integrate various data sources.