Time to raise your data game

Changing customer needs and preferences. The emergence of tech-focused startups. The rise of machine learning (ML) and artificial intelligence (AI). These developments and more are putting pressure on L&A insurers to deliver better experiences for their customers and employees. But this requires insurers to modernize the way they handle data.

Challenge

A complex data environment holds insurers back

As they try to streamline their systems and processes and modernize their data environment, however, L&A insurers face a variety of challenges, such as:

• Fragmented and siloed data environments across homegrown and old systems, a problem that becomes even more challenging after multiple mergers and acquisitions
• The inability to use advanced data analytics to deliver actionable insights, limiting the value of the information at their disposal
• Insufficient resources – time, talent, and money – to embark on multiyear transformational programs, especially in the face of strong economic headwinds

To adapt and thrive in this complex industry, L&A insurers must partner to transform their data strategy and management end to end.

Solution

Vision, tech stack, team: we bring it all

To ensure they are getting the most out of their data and responding to their customers quickly, accurately, and transparently, L&A insurers need to bring their data together to analyze it closely and reform their data architecture.

Genpact helps carriers fast-track this data journey. But how?

First, we work with you to envision a target data architecture and data governance and management strategy that is state of the art, standardized, and well governed.

Then, we bring in our platform-agnostic and readily deployable tech stack and our skilled integration experts to turn that vision into reality.

Our suite of pretrained data management accelerators, such as the Cora Data Foundation and our AI/ML-driven PowerMe tool, enables you to quickly catalog, map, and consolidate data assets, instantly and automatically capture lineage, and democratize highly complex datasets for downstream analyst use. In turn, this:

• Delivers a single, cloud-hosted view of your data, analytics, and reporting
• Ensures high data quality
• Locks down data governance
• Boosts regulatory and compliance adherence
• Enables the use of predictive analytics so insurers can anticipate customer need

Likewise, our extensive network of partners – from major cloud hyper-scalers to nimble insurtech solution providers – helps accelerate your data modernization journey.

To ensure ongoing quality and continuous improvement, we can also establish a data center of excellence.

Impact

Growth, compliance, and better decision-making

Our team of actuaries and data scientists is well versed in the specifics of L&A insurance. Together, they have delivered a variety of benefits for insurers across the globe, including:

• A 30–40% reduction in data preparation and loading times for faster integration of data across fragmented data landscapes
• A 10–20% increase in cross-functional data usability for reporting and advanced data-science activities
• Improved data quality, which, in turn, improves trust
• Advanced analytics to underpin strategic decision-making and improve customer service
• Enhanced regulatory compliance
• Accelerated growth

L&A insurers need to raise their data game: Genpact has the team and the technologies to do it, end to end.