How MDM Software Can Impact Life Insurance Markets
Life insurance markets can be tricky and at times, even volatile. That’s why life insurance companies need absolute certainty when it comes to the enterprise data, product data, and customer data they use to develop products and direct their marketing strategies.
With big data being such a monumental part of the decision-making process for insurers, master data management is paramount to data governance, data quality, and analytics efficacy and accuracy. Continue reading to learn more about the impact of master data management on life insurance companies.
MDM ensures data quality and uniformity across various data sources.
Insurance companies that utilize big data, which is pretty much all of them, collect massive amounts of information from various, disparate data sources. Traditional data management best practices separate large quantities of data into silos that make it hard to store, retrieve, and manipulate data.
When it comes to master data, which is business entity data that provides context for the data companies collect, having a data governance system that ensures data quality and integrity is central to your BI infrastructure. You need a way to create and maintain hierarchies for master data such as suppliers and customer data like specific consumers and the types of products and services you offer. TIBCO’s MDM solutions provide life insurance companies with the utmost control of their master data, from customer data and product data to information about your company’s business processes.
Master data management allows insurance companies to get greater insights into customers.
Believe it or not, it wasn’t long ago when companies had to manually input workflows to pull information from databases and apply analytics to data. These days, life insurance companies can get actionable insights in real-time thanks to the artificial intelligence and machine learning algorithms employed by the top MDM platforms on the market.
No matter what industry you’re in, these days, customers expect you to develop products that meet their specific and unique needs. In no industry is the shift towards product customization more felt than in the life insurance industry.
There are so many factors that determine buyer personas, and identifying their customer base is paramount to the success and longevity of life insurance companies. With industry-leading master data management software and hierarchy management, such as that provided by TIBCO, you can set the master data that serves as reference data to pinpoint your ideal customer base. Knowing your buyer persona is a great way to cut down the time and money you spend trying to attract customers who don’t fit the products you offer or your pricing models.
MDM makes business processes like data integration and analytics more efficient.
If you’ve ever spent time manually inputting the workflows for data integration business processes, you know how time-consuming and painstaking the process can be. MDM makes it easy to extract valuable data from various data silos for deployment to a centralized dashboard where you can see your historical and real-time customer and product data.
With a robust MDM system, data integration can be automated without interference from human business users. This automated system makes it much easier to compile, compare, and contrast data from disparate data sources and yield analytics that deliver actionable insights. The best part is that the time and money that MDM systems save in data integration and analytics get passed on to the consumers, making the application process quicker and life insurance policies more affordable.
Insurance markets can be volatile but with MDM solutions from industry leaders, life insurance companies can see changes coming long before they happen. Furthermore, they can create better life insurance policies for consumers and greatly reduce the time and resources that go into business processes.
If you’re practicing big data analytics without a robust MDM system, you’re not getting all you can from your business intelligence business infrastructure. That’s why financial professionals in industries from life insurance to lending use data management to enhance their data operations.