Insurance

The Insurance industry has experienced a significant wake-up call recently as disasters –natural, man-made and financial – have wreaked havoc over a highly profitable industry. Insurance industries of all types are struggling to maintain a comprehensive view of customers, agents, brokers, risk, and compliance with government regulations. Industry associations predict vast and sweeping changes in all sectors as a result of the current financial crisis. And significant M&A activity is unlikely to subside. There is no doubt about it – the Insurance industry in undergoing a profound change.

How will insurance companies remain competitive and survive? All insurance companies have a common set of requirements, including:

• Which customers and which products are most profitable?
• What can be done to improve customer loyalty?
• Is claims processing efficient and cost effective?
• Are we effectively using and managing our agent/broker sales channel?
• What new products will give us a competitive edge? 
• How do I assess risk and how does it change over time?
• Are we in compliance with financial reporting regulations?

In short, insurance companies must effectively manage growing mountains of corporate data as well as constantly evaluate outside risks and opportunities. Kalido provides a solid foundation to allow companies to manage, view and govern all this data in the context of their changing business.

Insurance Business Drivers

• The business needs accurate and complete views of customers so they can develop new products and track performance.
• The business needs to answer the questions about which customers and products are profitable.
• The business needs accurate, trusted information, and needs it quickly to assess risk across multiple geographies and product lines.
• • The business needs complete and accurate broker and agent data to improve loyalty, channel investment, and reduce self-competition.

Insurance IT Drivers

• The customer data is in multiple databases, applications and formats.
• Data governance is hard to implement to ensure accurate, consistent and trusted data.
• Once built, the data warehouse is frequently out-of-date with so much change.
• Business users regularly ask for new views of the data.

The Kalido Solution

Using Kalido, insurance companies can deliver timely, accurate and complete views of their customers, products and risk across the entire organization. Kalido validates, maps and stores disparate customer data from multiple sources so it can be used by BI tools to deliver a single view of customer data. Kalido’s unique business modeling allows firms to keep pace with all of the new changes, while perfectly preserving all history so the information is always timely and accurate. New views of customers, products and risk are delivered overnight, versus the months that it used to take. The history tracking assists in meeting regulatory compliance reporting, as well as to do comparative reporting of before-and-after scenarios during M&A activity.

Kalido offers a pre-built solution specifically for broker data governance. The solution includes a pre-built business model, data loaders, a broker data repository, pre-defined data management workflows for an auditable process, and reports for data quality, issue resolution rate and others.