The insurance and financial services industry, more than any others, have to work with large amounts of sensitive information about individuals, businesses and whole economic sectors.
Quick, reliable, efficient access to information becomes paramount and the ability to analyse, aggregate, integrate, consolidate, and validate this data is no longer an added bonus but a business necessity.
The work focus is being shifted from data gathering to Data Analysis in order to provide increased business benefits and enhanced innovation. Because of these factors, business intelligence solutions have become popular among the key insurance and financial services market players and a number of specialized reporting tools have been developed.
Without trustworthy data, decision-making and compliance becomes a series of guesses. Data is deemed high quality if it correctly represents the business, its customers, the competitive landscape and the target market. Quality data must be complete, timely, accurate, consistent, relevant and reliable. Furthermore, the opportunities for data enrichment through external data sets should be identified and exploited whenever possible.
Any Insurer or financial services organization starting a new data intensive project must consider Master Data Management.
Master Data Management promotes a single version of the truth realized through business process management, technological innovation and skilled application of advanced techniques by specialists.
Most business intelligence solutions incorporate a Data Warehouse or Data Mart for some or all of their information needs. With the growing complexity of enterprises and their technical environments, there is an ever increasing need to centralize information in a single location, using common terminology and definitions to provide a “single version of the truth.” The data warehouse enables easy, low-cost access to mission critical systems.
Exist offers unparalleled Business Intelligence solutions and services for the Insurance and financial services industry.