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Data-First Transformation for Value Realization in Insurance

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20 April 2023
Nanda Rajgopal

The Advantages of a Data-First Transformation Approach for Insurers

Abstract

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.

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