1. Maximize ROI of
Insurance Digital
Transformation Initiatives:
Proven Data Integrity &
Data Governance Methods

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2

3. Today’s speakers
Chris Reed
Manager, Sales
Engineer
Michael Shelton
Account Director,
Insurance Practice
3

4. The leader in data integrity
Our software, data enrichment products and
strategic services deliver accuracy, consistency, and
context in your data, powering confident decisions.
of the Fortune 100
97
countries
100 2,400
employees
customers
12,000
Brands you trust, trust us
Data leaders partner with us
Precisely Confidential and Proprietary - Do Not Copy or Distribute
4

5. Data integrity is…
data with maximum
accuracy, consistency,
and context for confident
business decision-making
5

6. The elements of Data Integrity
Change Data Capture
ETL
Machine Data
Integration
Process Automation
Integrate
Data Governance
Data Profiling
Data Quality
Master Data Management
Self-Service Analytics
Verify
Spatial Analysis
Geocoding
Routing
Visualization
Locate
Geographic Data
Business Data
Industry-Specific Data
Enrich
Integrated Comms
Personalized Video
Chatbots
Responsive Messaging
Digital Self-Services
Engage
6

7. 7
$1.3
Trillion
Spend on digital
transformation
in 2020
$2.3
Trillion
Projected spend on digital
transformation in 2023
“The companies that will stand out are the ones that are going to find
ways to move a bit faster, at the pace of the people they’re insuring.”
— Scott Simony, head of industry, Google

8. Increase Productivity
& Revenue
GROW
Improve Customer
Experience
New Product &
Service Offerings
New Business
Models
Digital transformation examples
8
Corporate goals - portfolio / risk realignment
• Shift from commoditized products to higher value offerings
• Expand markets / territory / states
• Enable analytics / modeling to drive direction
• Leverage technology for UW and custom products
Objectives to support goals
• Modernize systems for flexibility to quickly add/modify
products and enter/exit markets
• Implement data platforms for analytics, reporting, and
rapid integrations
• Improve entity understanding and relationship
• Leverage IOT

9. 9
Data trust
Only 23% of business decision-makers are
confident that data will support their
business objectives.

10. 10
Increase Productivity
& Revenue
GROW PROTECT
Improve Customer
Experience
New Product &
Service Offerings
Operational Risk
Regulatory/Legal Risk
Financial Risk
New Business
Models
Strategic/Reputation Risk
DX
1. Digital portfolio of
products & services
with an ecosystem
of partners
3. Omnichannel
customer
experience
2. Advanced
analytics
4. Automated
operations
Growth Brings Risk

11. Governance enables & accelerates programs
11
Time
The scramble
Build & migration
How could that be?
Degradation
We own it
Reliability
Let’s start with data!
Enterprise collaboration
Data Readiness
Traditional
Mobilization point
Recognition of
Lost ROI 18-24 months to stabilize and
begin realizing business value
Master data degrades at an
avg. Rate of 2-7% per month
Proactively mobilize early!
 25% reduction in implementation time
 40% reduction in development effort
 50% less functional spec rework for data
VALUE
CREATION
RISK
REDUCTION

12. 12
Align data governance to organizational and project
objectives to reduce implementation effort and duration
Leverage automated controls for data quality, including
balancing and reconciliation, to avoid operational
disruptions and maintain regulatory compliance
Increase efficiency and capability through a centralized
data integrity platform

13. Align data governance to organizational and project
objectives to reduce implementation effort and duration

14. The point of data
governance is not
governance

15. The point is…
Reporting & compliance
• Internal reporting
• Industry-specific regulations
• HIPAA
• SOX
• Basel II
• GDPR
Analytics & insights
• Big data
• Machine learning
• Internet of things
• Global visibility
• Real-time analytics
• 360° view of the customer
Operational excellence
• Improve working capital
• Strategic sourcing
• System migration &
consolidation
• Enhanced customer
satisfaction
• Product traceability
• New product intro
Delivering business outcomes and connecting business goals, objectives & value with
measured impacts & risks
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16. Business-first approach
• Prioritize the data that matters
• Link Data Governance to
business goals
• Build stakeholder engagement
across all levels Data Governance programs
that prioritize critical data
have 5x faster time-to-value
16

17. Linkage to value drivers make the program relevant
17
C-suite strategy
Improve policy
risk & pricing
Ability to access the
correct data faster
Removing
excessive process
steps
Business initiatives & associated KPI’s
Policy sales
growth – IOT
deployment
Client renewal /
retention – Billing
modernization
Average cost
per claim –
Snowflake
Loss
Ratio –
Other DX
Data governance operating model & platforms
Organization
• Organizational support
• Process ownership
• Productivity improvement
• Elimination of non-value-added
activities
Tools
• Metrics definitions
• DQ reporting
• Workflow
• Standards and rules repository
Governance
• Standards and rules
• Measures and metrics
• Process standards
• Business traceability
• Business and data definitions
Highly visible
strategic “wants”
Less visible
enablers

18. Demo

19. Leverage automated controls for data quality, including
balancing and reconciliation, to avoid operational
disruptions and maintain regulatory compliance

20. Quality challenges
Billing
Policy
General
ledger
Other
Billing
Reports /
Documents
Claims
Future
systems
Legacy
20
External
Data

21. • Balancing and recon
• Data quality
• AI / ML
• Automation
• Exception management
• Audit Trail
• Communication and visualization
Quality fundamentals
• Ensure operational continuity
• Maintain regulatory compliance
• Enhance data quality
• Increase visibility
• Create efficiencies
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22. Demo

23. PROBLEM
Success Story
• When implementing a new
financial data warehouse, this
insurer needed to automate
reconciliations between the
SAP GL daily and monthly.
• Confidence in the quality of
the data was paramount to the
success of the project.
SOLUTION
• Precisely solutions implement
comprehensive end-to-end
data quality checks around the
new DW and the SAP GL.
• Automated monthly
reconciliations are reduced
from two days to 30 minutes
and deliver high confidence in
the quality of the data.
Global Insurance
Provider
• Data transformation & rationalization
• Business process optimization

24. PROBLEM
Success Story
Core system transformation
presented the opportunity to
recalibrate how the mechanics
of financial reconciliation
processes could be improved to
reduce:
• Process costs
• Increase speed
• Limit risk and improve accuracy
SOLUTION
Precisely solutions improved
operational and audit efficiency
to support regulatory compliance
by instituting a standardized and
automated end-to-end data
integrity process to reduce errors
and improve data quality.
P&C Insurance
Company
• Data transformation & rationalization
• Compliance & regulation

25. Increase efficiency and capability through
a centralized data integrity platform

26. “Through 2024, 50% of
organizations will adopt
modern data quality
solutions to better
support their digital
business initiatives”
Digital transformation of
governance and quality
• Speed
• Technical agility
• Intelligence
• Automation
• Efficiency
• Standardization
26

27. GOVERNANCE ACCURACY CONSISTENCY CONTEXT
On-premises, Hybrid Cloud & Cloud
Data Integration
Governance &
Quality
Location Intelligence Data Enrichment
SOLUTION AGILITY
INTEROPERABLE | INTELLIGENT | PRECISELY ID
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DATA DEMOCRATIZATION / MODERN USER EXPERIENCE

28. Drive organizational
success
• Incorporate a business first data
governance approach into
strategic initiatives
• Practice the quality fundamentals
• Ensure controls solutions are
compatible with the speed,
flexibility and standardization
required for digital transformations.
28

29. Benefits of a
business-first
approach
Accelerate program
roll-out by 18-40%
Increase likelihood of
reinvestment by over 75%
Generate 2-7x greater ROI
29

30. Questions?