Data sits fragmented and in various formats across the organization in data silos. The lack of a single, real-time repository of data is a challenge for many insurance organizations to generate value with data analytics. Poor data quality is another major issue for many organizations. Data management issues can also adversely impact the eventual transformation to open/connected ecosystem-enabled insurance.
Goals and Objectives
The goal of data management and consolidation is to make data available for analytics, both internally and externally. This includes the need to clean the data, pull it out of data silos, and standardize/ reformat the data to usable formats.
Data management, data cleaning, data consolidation, data reformatting, open source
Use Case Summary
Data management and consolidation aim to make data available for further processing — for instance, through analytics. It is also an essential prerequisite for better leveraging artificial intelligence systems, data sharing in connected ecosystems, and effective monetization.