The Need for Enterprise Information Management (EIM) in Insurance
The Insurance industry is looking at how Enterprise Information Management (EIM) enables it to cope with the challenges ahead.
2016 – the year of EIM
2016 can be seen to be a significant year in which the Insurance industry looks at how to maximise the value of its data assets, with Enterprise Information Management (EIM) being a core capability to deliver this.
In response to this Entity & Informatica have created a whitepaper, titled ‘Towards Customer Centricity – An Enterprise Vision of Information Management for Insurers’ , that highlights some of the challenges Insurers face with data whilst offering a methodical approach to unlocking the value associated from that data.
The whitepaper sets out the background to what’s happening in the Insurance sector and outlines an approach to driving value out of data using an Enterprise Information Management approach. It also sets out the value to be derived from an EIM Strategy and why business leaders should be considering such an approach.
In the whitepaper, Entity and Informatica explore the strategic drivers impacting the Insurance industry, many of which have data at the heart of them.
These major strategic drivers are:
- Regulatory Compliance
- Delivery of trusted data to all Regulation and Compliance requirements quickly, effectively and repeatedly
- Customer Centricity
- Data, systems and processes designed to support customer centric engagement
- Data to Insight
- The move to fact based decision making based upon trsted sources of data and information
- Reduction in time, cost and complexity associated with the deployment of new business services
- Fit-for-purpose applications supporting existing and new business processes and opportunities
Having identifed the major strategic drivers, the paper sets out to explain how an EIM Strategy helps to bridge between the strategic drivers and an organisations business imperatives. The aim of the EIM Strategy is to enable Insurance organisations to drive the outcomes the business needs quickly and effectively.
The paper then explores how value is delivered and what the drivers for that are. It underlines the need for executive sponsorship and an appropriate business case for any identified initiative. These are highlighted as key requirements for success.
Entity then outline their EIM approach to orchestrate the people, process and technology needed to deliver the desired outcomes. Reference information is provided highlighting Insurance organisations who have already derived value from Entity & Informatica along with the type of solution deployed and business outcomes delivered.
This paper provides insights into the value of Enterprise Information Management and a recommended approach on how and why to get started plus the development of a roadmap for the delivery of new capabilities.
Informatica’s leading data management technologies combined with Entity’s proven ability in Enterprise Information Management Consulting are a powerful combination to address the information management challenges Insurance companies face today.
The whitepaper can be found at this link.