Data Governance Increasingly Important For Insurers, But Effectiveness Depends On Executive Sponsorship
CIOs and business leaders should work together to create right combination of modern technology, training, and verification processes: Novarica
Boston, MA (Oct. 8, 2019) – Data governance is essential in efficiently using data to understand performance, generate insights, and remain in compliance with data privacy regulations. While the value of data governance can be challenging to quantify, successful projects have strong, committed leadership from the top of the organization and an educational campaign to evangelize and galvanize the organization into action. In its latest report, Data Governance in Insurance: Overview and Best Practices, research and advisory firm Novarica outlines the business drivers, best practices, and benefits of a data governance program, along with common challenges that insurers may face in their efforts.
“Beyond basic awareness of data governance, selling the organization can be stymied by the negative profile governance has in general,” said Eric Weisburg, Vice President of Research and Consulting and co-author of Novarica’s new report. “Many stakeholders view governance as additional bureaucracy and fear that it will slow down the business. In fact, the opposite is true-well-designed governance should speed up business decision-making while increasing confidence in those decisions.”
A preview of the report is available online.
Summary
Data governance is becoming a more prominent concern as more organizations use data for automated processes, analytics, and business intelligence. Increasing regulation around data privacy and usage also requires carriers to be organized and knowledgeable about their data to comply with legislation without hindering the pace of innovation projects. A data governance program brings together roles and responsibilities to focus on managing data quality for the organization.
This brief outlines the business drivers, best practices, and benefits of a data governance program, along with common challenges that insurers may face in their efforts.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: Novarica
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