Enterprise Information Management
The insurance industry faces numerous data-centric challenges like consolidation of data from various core business systems and third parties, and the lack of a comprehensive view of data and information. These issues are further complicated by unstructured data, new data sources, data volume, and demands for more and better information for data-driven decisions. In today’s digital era, the insurance industry has much to gain by going beyond data management, and widening its scope to the broader spectrum of ‘information management.’
Insurers must deal with the following challenges in the continuously evolving business environment:
- Data explosion – Data is being generated in large volumes and at high velocity, most of which is unstructured. All of this data from new sources provides a number of opportunities as well as challenges. This, in turn, drives the evolution of analysis tools and statistical modeling techniques, in order to derive deep data insights from various sources.
- Rapid technology advancements – As newer and better technologies emerge, the costs of keeping abreast with the latest innovations and maintaining multiple core systems can quickly spiral out of control.
- Rising complexity – IT ecosystems, over time, become increasingly complex with multiple systems being connected to each other, and mechanisms in place to pull data to a common pool for MIS, reporting, and insights.
To address these challenges, MFX presents the Insurance Data Integrated Platform for property and casualty business. As a data-aware platform that is capable of ingesting data from any industry-standard core and auxiliary system, it allows you to leverage the data available from myriad sources in structured and unstructured formats, and enables real-time data processing.
This data-aware system is capable of digesting operational data captured on various OLTP systems, and ensures that the insurer’s data is always available to drive analytics and information discovery, expose the data as services, and configure consumption end points. It also assists real-time decision making, and can be used to derive real-time insights to use in day-to-day operational systems, thus paving the way for faster and effective rollout of business analysis models in the future.
MFX’s solution is a SaaS platform to manage Enterprise Information Management (EIM), and includes ‘hard assets’ such as:
- Data storage and management facilities, with insurance-specific data architectures
- Data integration and communication facilities, with plug-ins for insurance-specific interchange formats and standards, and tools for BI , analytics, and decision automation
The platform also includes soft assets such as:
- Templates to help define strategies for EIM, MDM, data governance, etc.
- Toolkits to define roles and responsibilities for EIM
- Dashboards to monitor the health of the entire EIM
- Tools to define the lifecycle of each information asset