Insurance Enterprise Data Strategy
The insurance industry is at the tipping point with regards to data and analytics. The traditional method of building data warehouses/data marts over 2-3 years and creating a reporting function above these warehouses is being replaced by new approaches that quickly deliver data and actionable insights to business. Today, businesses across functions and product lines want more data and insights to identify opportunities for growth and/or reduce costs. However, many insurers are still unaware of how to invest in modern data technologies and platforms. Some key questions they struggle to answer are:
- Should we upgrade our existing data warehouses and appliances or implement new tools and frameworks such as Hadoop?
- Should we add visualization and analytical tools to our portfolio?
- How do we support these new technologies?
- How can we align our investments in data with business and strategic priorities?
Infosys Consulting provides Enterprise Data Strategy (EDS) for end-to-end comprehensive analysis, strategy, architecture, and roadmap across a company’s data landscape. Our approach covers the business and technology aspects of data from understanding the company’s business strategy to how data and technology can accelerate the realization of that strategy.
EDS manages a wide range of business, data and architecture capabilities including:
- Business roles/personas to understand the needs of the business
- Data management organization
- Data governance including data quality
- Business intelligence (BI) and reporting
- Big Data and advanced analytics
- Master data management
- Data lifecycle management, i.e., data masking, retention, etc.
- Data architecture including tools and technologies
Our solution strategy involves a structured approach that comprises:
- Current state assessment across key domains
- Design Thinking sessions with business and IT to understand the data-drive needs/goals of the business
- Gap analysis between the current state and business needs/goals
- Prioritization of the data needs and gaps based on business value/feasibility
- Proof of concept (POC) around target architecture
- Definition of target architecture
- Roadmap to get from current state to desired state
- Required data management organization to achieve the desired state
- Creating business cases to rationalize investments in data
- Delivering quick wins
Our approach provides insurers with a comprehensive and pragmatic approach that defines a roadmap for data, analytics and the required organization to support these capabilities. Our roadmap focuses on tangible output that can be delivered in cycles across 3-4 months. This helps us continue to deliver value while larger items are in flight and may take longer.
Insight to Action
Infosys Consulting leverages Insight to Action – a data analytics and data visualization offering that offers consistent and predictable ROI from advanced analytics programs. Our team comprises data scientists, data engineers and domain experts to perform advanced analytics and develop processes and strategies to derive actionable results from the analytics program. We assist clients in the strategy phase to identify and prioritize analytics ideas, develop ROI models and identify how the output will be used and insights from the analytics will work in the field. This includes:
- Implementing new data visualizations into existing or new applications and embedding analytics results into these tools for instant access by field personnel
- Conducting A/B testing on Region A with analytics output and Region B without analytics output and evaluating the results, i.e., was Region A more successful as a result of the actionable insights?