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Tuesday, January 4, 2011

Hot Technologies that will transform the Insurance Industry in 2011 (Part 1)

Data Management

Whatever insurers have planned to improve processing, the success of their projects will depend on the quality and availability of data. Consequently, they will invest in a variety of data-related technologies, including data warehouse, data storage and metadata initiatives, according to Karen Pauli, research director, insurance, TowerGroup (Needham, Mass.). "It's not possible to execute any meaningful strategies or comply with regulation without getting data into usable condition,"

In order to drive greater precision in risk management, insurers will pursue master data management (MDM) solutions, says Scott Mampre, VP in Capgemini's (New York) insurance practice. Insurers have made limited progress in liberating data captured in isolated spreadsheets and local databases, according to Mampre. "MDM solutions enable a consistent, unobstructed top-down view of risk across an insurer's divisions by breaking down operational barriers to achieve a seamless alignment of governance objectives, technology and disciplined data management processes,"

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