\u201cA major challenge for many carriers is obtaining organizational support for their data governance initiatives,\u201d said Eric Weisburg, Vice President of Research and Consulting at Novarica and co-author of the new report. \u201cMeasuring the performance of data governance objectives, publishing a scorecard, and taking a use-case-driven approach that correlates business value to data governance can be helpful in this regard.\u201d<\/p>\n
\u201cData governance will make or break an organization, and the insurance environment is no exception. Insurance companies must be quick to respond to trends and challenges in our industry if they wish to not only remain competitive but gain further competitive advantage,\u201d said Farouk Yassine, Executive Director at IDMA and co-author of the report. \u201cCreating a proactive data governance program will enable an organization to better comply with statutory regulations, increase operational efficiencies, improve their customer experience, and increase top line growth by establishing an infrastructure of understandable, consistent, reliable, and usable data.\u201d<\/p>\n
Key findings:<\/span><\/p>\n A preview of the report is available online<\/a>.<\/p>\n Data governance is emerging as a critical success factor for insurance organizations. Carriers rely on complete, accurate, and secure data to assess risks, predict losses, and understand their customers better. Increasing regulation and security concerns also dictate that carriers know where they store their sensitive information and that they secure access to comply with the regulatory environment.<\/p>\n This brief presents insights from a study of 61 carriers with various types of data organizations that Novarica conducted with the Insurance Data Management Association (IDMA).<\/p>\n Topics:<\/span><\/p>\n Click here<\/a> for the table of contents or to access the report.<\/p>\n Founded in 1983, the Insurance Data Management Association (IDMA) is an independent nonprofit professional association that serves individuals employed in any aspect of insurance data management. IDMA\u2019s 4000+ members are engaged in enterprise information governance activities across all parts of the insurance industry. IDMA\u2019s offerings include certification programs, educational training workshops, annual conference and local chapter meetings, quarterly publications and periodic whitepapers, webinars, and social media platforms discussions. For more information, visit www.idma.org<\/a>.<\/p>\n 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<\/a>.<\/p>\n Source: Novarica<\/i><\/p>\n Tags: analytics<\/a>, data management<\/a>, Novarica<\/a> Read the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Weak executive sponsorship poses biggest challenge to data governance: joint report by Novarica and IDMA Boston, MA (Oct. 29, 2019) \u2013 Carriers face various hurdles to achieve effective data governance, including weak executive sponsorship,...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17371"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=17371"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17371\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=17371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=17371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=17371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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<\/a><\/p>\nSummary<\/strong><\/h4>\n
\n
About Insurance Data Management Association (IDMA)<\/b><\/h4>\n
About Novarica<\/b><\/h4>\n