Insurance Data Mastery Strategies

November 26, 2008

Abstract

New York, NY, USA November 26, 2008

With the current economic crisis a focus of all insurance planning, data mastery remains a top priority. Being able to get better intelligence from corporate data will be crucial to reducing costs, determining areas for automation, and helping to survive in an environment where regulation is more important than ever.

In a new report, , Celent provides an overview of the structures, technologies, and uses of data mastery within the insurance industry, as well as some best practices and guidelines. While the focus of data mastery investment may change to reflect an altered market, the percentage of IT budget spent on data mastery projects is expected to stay the same, if not increase

"In a time when insurers will be carefully watching every IT dollar, investment in data mastery solutions will stand out as an opportunity for both short-term gains and long-term strategy," says Jeff Goldberg, senior analyst with Celent’s insurance group and author of the report. "Good data mastery will help a company find areas for increased efficiency and cost reductions."

This report is published along with a companion report, Insurance Data Mastery Solution Spectrum. Dozens of vendors offering solutions related to data mastery are reviewed in the companion report. The 32-page report contains 10 figures and 3 tables. A table of contents is available online.

of Celent's Life/Health Insurance and Property/Casualty Insurance research services can download the report electronically by clicking on the icon to the left. Non-members should contact info@celent.com for more information.  

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

New York, NY, USA November 26, 2008

Executive Summary 3
Introduction 5
Recent Results and Current Activity 6
What Is "Data Mastery?" 8
Data Mastery initiatives Across the Insurance Enterprise 11
Data Mastery Components 15
Primary Data Mastery Methods 19
Planning and Executing a Data Mastery Project 25
Calculating Return on Investment 27
Key Success Factors 28
Conclusions 30

 

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