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How Insurance Companies Benefits from Information Management

insurance

A single trusted source of master data fuels applications with clean, consistent and connected customer, policy and claims information

Insurance is a highly competitive business that hinges on providing the right products and industry-leading service to customers. Accurate data is the lifeblood of this business. To overcome their struggle with fragmented data across product lines, functions and channels, a leading US-based insurance company has built a world-class information management practice to enable the company to quickly collect and analyze data, whether it is financial, claims, policy or customer data.

“Our advances in technology and distribution channel diversification along with increased brand awareness and innovative products and services — are moving us closer to our goal of becoming a top-five personal lines carrier, “ said the president of the insurance company.


Delivering real-time access to the Total Customer Relationship across channels, functions and product lines

The insurance company’s data integration and data management initiative included:

  • an Enterprise Data Warehouse (EDW) from Teradata,
  • reporting from MicroStrategy, and
  • data integration and master data management (MDM) technology from Informatica to better manage customer and policy data.

This provides the information infrastructure required to propel the insurance company’s personal insurance business into the top tier of personal insurers in the country.

Business analysts in claims, marketing, policy and finance as well as agents in the field, sales people and claims adjusters now have access to clean, consistent and connected customer information for analytics, performance measurement and decision-making.

Within their business applications, the Information Management team has delivered real-time access to the total customer relationship across product lines, channels and functions.

How did they do it?

The team identified the data sources that contain valuable customer information. They’re accessing that customer information using data integration and bringing into a central location, the Informatica MDM hub, where it’s managed, mastered and shared with downstream systems on an ongoing basis, again using data integration. The company now has a “golden record” for each customer, policy and claim and the information continuously updated.

Who benefited?

  1. Claims: The customer information management initiative was instrumental in the successful implementation of a new system to streamline and optimize the company’s claims process. The data integration/data management team leveraged a strong relationship with the claims team to delve into business needs, design the system, and build it from the ground up. Better knowledge of the total customer relationship is accelerating the claims process, leading to increased customer satisfaction and employee performance.
  2. Sales & Customer Service: Now when a customer logs into the company’s website, the system makes a call to the Informatica MDM hub and immediately finds out every policy, every claim, and all other relevant data on the customer and displays it on the screen. Better knowledge of the total customer relationship is leading to better and more relevant insurance products and services, higher customer satisfaction and better sales, marketing and agent performance.

Please join us on Thursday, February 5th at 11am PT for a webinar. You will learn how OneAmerica®, which offers life insurance, retirement services and employee benefits, is shifting from a policy-centric to a customer-centric operation. Nicolas Lance, Vice President of Retirement Income Strategies and Head of Customer Data will explain how this shift will enable the company to improve customer experience and marketing, distribution partner and call and service center effectiveness.

Register here: http://infa.media/1xWlHop

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