Date post: | 01-Jan-2016 |
Category: |
Documents |
Upload: | howard-patterson |
View: | 215 times |
Download: | 2 times |
Stop the Data Chaos and Get CoveredProtecting Your Enterprise Systems Through Data Integrity Automa-
tionMark Priebe, Sr., Solutions Consultant
2
6of the top 10
P & CInsurers
of the top 10 Commercial
Banks
Maintain Order with Data Integrity Controls
Infogix delivers enterprise
wide solutions in three
robust categories:
CONTROLS
ANALYTICS
VISIBILITY
Insurance Data Integrity SolutionsEnd-to-End Enterprise Controls and Visibility
Automated and Continuous
Data in Motion: “In Flight” and “At Rest”
Independent and Auditable
Scalable and Customizable
When combined, these suites provide executives with a powerful end-to-end process for making the right business decision in real time.
7
Reduce Risk & Support Compliance
Global Support, Managed Services & Cloud-based offerings
3
Macro Industry Trends
Legacy Migration
Increasing complexity of systems, applications and processes demand
data integrity controls
(Legacy to new systems)
Compliance Mandates
Increasing regulatory compliance requirements require end-to-end
control of data
Changing Business
ModelsChanging business model and technology landscape assume
quality data
(Cloud, mobile, web, etc.)
Actionable Results
Competitive market driven by data/Information decision making
requires predictive analytics
2015 Insurers Outlook
4
Managing risk is the fundamental challenge of the insurance industry
and the most effective way to reduce uncertainty and maximize profitability is to ensure your data
is accurate and up-to-date.
Data quality affects areas like risk assessment, customer satisfaction,
mailings and business reporting, and strategic planning.
Property and Casualty External Forces (Source: EY)
Life- Annuity Insurance External Forces (Source: EY)
Ovum Research reported that poor quality data costs businesses at least 30% of revenues
Data Integrity Challenges Facing Insurers
Disparate systems/platforms
Multiple Manual steps
Lack of real-time operational reporting
Product centric information silos
Semi-automated controls
Lack of visibility into process level information
5
6
Data
Data
Data
Data
Data
Data
Data x2
Data
Data
Implications ofInaccurate,
Inconsistent,Unreliable Data
Non-Compliant,Revenue Leakage,
Inefficiency,Customer Loss
Finance
Claims
Marketing
IT
Distribution
eCommerce
Engineering
Procurement
Support
Services
SiloedBusiness Processes,
Roles & Systems
Indecisiveness
Improper
Decision-Making
Data in motion* is the foundation of your business – Bad Data Cost $
* Transaction data
Data
Core Systems are Complicated
7
Complex data integrity control integrations points
require end-to-end controls
Core System Data Integrity Challenges
8
The Source System
• Incomplete or inconsistent data at the source increases risk when transferred to other target systems.
External Data Provider or Vendor
• Data quality measures must be incorporated with all new data that enters a company’s database, especially from an outside provider.
Complexity of Information
Infrastructure
• Risk increases as the number of platforms, applications, and data volume increases.
Data Transfer Process
• Data extraction requires proper controls to prevent errors with data structure logic and loading processes.
Infogix provides flexibility to evolve between deployment options
Platform Flexibility
9
Customer Managed Infogix Managed Infogix ManagedCustomer Managed
Cloud On-Premises
Two Approaches to Control Data Chaos: Silos or Enterprise
Standardized End-to-End Controls with Enterprise Visibility
10
Intra SystemData Controls
Intra SystemData Controls
Intra SystemData Controls
Inter SystemData Controls
Inter SystemData Controls
Intra SystemData Controls
Intra SystemData Controls
Intra SystemData Controls
Inter SystemData Controls
Inter SystemData Controls
Custom Point-to-Point Controls with Limited Visibility by Silo
End-to-End Transaction Tracking
Orchestrating Data Chaos Requires a New Approach
11
OR
OR
OR
Enterprise Rules Based Controls
Standardized and Automated Controls
End-to-End Visibility
Custom ETL/SQL Controls between two Points
Point-to-Point Visibility
Manual and Semi Automated Controls
Control Data Chaos Starts in One or More Focus Areas
12
Infogix
System Conversions & Migrations
Claims / Premiums
Reporting Statements
Compliance
Effortse.g. Basel III,SOX
SLA ManagementFinancial &
Regulatory Reporting
Billing &
Payments
Card Processing
General Ledger
Data Warehouse
Distributed Platform
Mainframe
Policy DataClaims Data
Investment Data
Commissions DataG/L-Finance
Extract, Transform, Load
ClaimsData Mart
Financial Data Mart
M.SHIPData Mart
EnterpriseData Warehouse
Reporting
Summary and detailed validation through data lifecycle
• Duplicate• Format• Balance• Reconciliation• Timeliness
Industry Operational Best Practice
13
Analyze data nearest to the source
Value of End-to-End Controls
Automated and Independent Controls
Non-Intrusive and End-to-End Support
Real-Time and Continuous Controls
Enterprise Standardization
Rules Based Controls
14
Real-Time Control, Monitoring, & Visibility for Insurance
Claims Systems
Data Warehouse
PolicySystems
Financial Systems
Billing &Enrollment
15
Infogix Controls & Visibility into health of enterprise controls:- Real-time- Automated- End to End- Independent- Configurable, Rules Based- Monitor, Alert, Analyze
Capture Compare Control Communicate
Infogix Controls• Verify source system inputs
• Validate cross-platform exchanges
• Check reasonability of information against historical data
• Balance/Reconcile in-line data from End to End
• Validation of business rules on all data
• Reconcile data to Sub-Ledgers and the GL
• Track critical data to ensure internal and external SLA’s are met
Example Integration Points with Core Systems
16
Data Integrity Controls
Policy Claims
Billing
Inbound Systems
Customer Portal / Agent Portal
IVR System
Credit Card Verification
Bank / ACH
Enterprise Authentication
Document Storage
Outbound Systems
Document Production
Legal Collections
1099 Reporting
General Ledger
Check Issuance
Producer Management
Infogix Data Integrity Control Points
Analysis around• Data Quality• Compliance Metrics• Exceptions• Loss Prevention
Monitor Data Quality dimensions such as• Completeness• Type Conformance• Value Conformance• Consistency
Visibility Demands Increasing
17
Dashboards to monitor PCI compliance
Perform Audit on your process for improved risk management
Visibility Demands Increasing
18
Customer Reported Benefits of End-to-End Approach
• Lower FTE costs through automation• Track when, where, and how data
abnormalities occurred• Reduce reconciliation time• Enterprise visibility into health of data• Reduce risk in meeting corporate
governance and regulatory requirements• Monitor SLA’s• Increase accuracy of end-to-end data
quality
19
Savings Insurers Report from Using Automated Controls
20
Ensured errors were identified early
13,000 Errors Identifiedwith a projected
liability reduction in excess of $10M
Ensured auto quotes matched up with billing
Resulted in $2M of revenue accurately
captured
Compliance Quality Automation
Ensured security access changes of departed EE’s
87% reduction in manual efforts
Improved overall security validation by 95%
• Problem: Inaccurate premium amount being recognized through quoting to billing process resulting in reg. fines, customer dissatisfaction and possibly incorrect financials
• Solution: Controls beginning with quote and through entire customer and financial lifecycle to ensure no unintended changes
• Value: Rolling 12 month of total difference in premiums identified (Benefit) = $3 – 4M
Case Study Results: Automotive Premiums
21
QuotingPolicy Admin
Billing
Onboarding
GL
• Implication: Controls of an end-to-end process that can simultaneously reduce operational, financial, regulatory and customer churn risk
• Key takeaway – Controls can go beyond simple point to point balance – understand and optimize process by accounting for anticipated changes
Agency
Direct
Top 5 P&C Insurer with over 12 million Policies in Force
• Problem: Each state DOI requires certain “critical” forms be sent out to a customer based upon policy purchase/renewal, failure to do so can result in fines, unanticipated/compensated liability, customer dissatisfaction
• Solution: Transactional balancing controls to control/balance the intent of an action – sending proper forms (paper or paperless) – meeting regulatory needs and reducing liability risk
• Value: >13K individual errors have been identified with a projected liability reduction in excess of $10M
Case Study Results: Forms
22
• Key takeaway – Controls solve business and risk problems, not just balance financial and customer data. By understanding the risk and intent of a process we can design a solution to meet those needs
Policy Admin
Onboarding
FormsGeneration Print
Top 5 P&C Insurer with over 12 million Policies in Force
• Problem: With the adaptation of cloud and ASP based applications, organizations have less control over their data, but need to mitigate risk especially around financial data. With the purchase of a new 3rd party Expense Management (T&E) application there was a need to ensure adequate control of the process
• Solution: Built controls to monitor all outgoing transactions and files to 3rd party expense management solution as well as returning files to ensure completeness, timeliness and accuracy of financial reporting, SLAs with vendor and proper payment
• Value: Ability to hold vendor responsible for contractually agreed SLAs, meets SOX requirements and reduces risk of losing/misrepresenting financial data
Case Study Results: Expense Management
23
• Key takeaway – As more processing moves to the cloud and 3rd party vendors being able to ensure accuracy of external processing and contractual obligations is critical to financial accuracy and risk management processes
Cloud App for Processing
“Portal”/API
Oracle
Landing Zone
Processed Exceptions
Disbursement/Checkwriter
(MVS)
Top 5 P&C Insurer with over 12 million Policies in Force
Stop the Data Chaos and Get Covered with Infogix Automated Controls
Compliance Driven• Built-in complex business rules align with Insurance regulations - adaptable to updates
Limited IT and Data Analyst Resource Needed• Web based interface and preconfigured business rules and reports
Flexible & Customizable• Easily customize validations and dashboards to meet your specific requirements
End-to-End Visibility and Reporting• Monitor end-to-end operational, financial, and analytical performance
Deployed Faster and for Less Cost than Internal Development• User ready and can be deployed before looming deadlines
24
Stop by our booth to learn about the 4 C‘s
25
Protecting Your Enterprise Systems Through Data Integrity Automation
Capture → Compare → Control → Communicate
What’s NextLet’s continue the conversation ...
26