Let’s face the fact, either your data is reaping you enormous ROI or it’s a burden within the organization. Let me explain.
When we speak to most data teams or actuaries in insurers, the very mention of ‘closing time’ (the time to prepare important numbers for financial reports), it makes them shudder in fear and grimace at the thought of being holed up in the office for 5 days straight combing through data in different file formats doing things like:
- Exporting files from brokers
- Re-formatting the files in Excel to fit the core PAS (Policy Administration System)
- Re-importing the files
- Checking the integrity to make sure all data was compatible and formatted correctly
- Generate the report from the system
- Re-format the report (because it doesn’t match what internal departments or regulatory format)
Now picture that cycle is different for each different partner and broker, and then for each different PAS (yes, most insurers have multiple systems for different geographies and product lines due to M&A). Picture being the person with an advanced degree doing this mundane job and explaining ‘how big of an impact’ you are making on the organization via cleaning an excel spreadsheet. Super motivating right? Jokes aside, the more crucial aspect about this cycle is that your data is dead, i.e. by the time it has been cleaned and ready to use for further insights about the product and customers, it would probably be too late. And so, that vicious cycle repeats itself.
Now, imagine a world where the data from partners and internally just flows, updated in real-time, and easily available where there would be no delays and where systems were all integrated. Imagine the insights that would come from there, how empowered your staff would feel and the new growth opportunities and possibilities. Imagine never feeling beholden to a single vendor ever again.
Can you imagine this future? We can, where to get there will be step-by-step and we believe our Policy Data Platform is the first step to get there. More coming in future posts or if can’t wait to find out more, welcome to reach out at info@policydock.com
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