How we helped a leading property and casualty insurer design a cloud-based data platform.
As visionaries in the insurance industry, this market-leading property and casualty excess and surplus insurance company valued innovation. But their complex business model was posing challenges and their business and technology leaders wanted to do more, at a larger scale.
To achieve their long-term vision, they knew they had to use internal and external data in a sophisticated way and make that data easier to consume.
However, their traditional architectures and approaches didn’t appear to be the solution. They knew they needed to implement new data strategies and improve the quality and timeliness of their data to remain a leader in their market. So the need for a new data strategy and roadmap was born.
Enter Centric: A Sophisticated Data Strategy to Solve Customer Data Need
With a vision in place, the client’s CIO partnered with Centric Consulting’s Chicago office to develop a comprehensive data strategy and roadmap.
The company valued the industry depth and modern data platform experience that we brought. Above all, they admired that we shared the CIO’s business-first approach. Together, we sought the best possible path for driving early business value through a modernized data platform and a new strategy to govern and manage data.
Armed with a comprehensive set of guiding principles developed in partnership with the client, we performed detailed interviews with more than 50 business and technology leaders. These interviews spanned across their business units and covered all aspects of the operating model (Digital, Actuarial, Finance) and value chain (Marketing and Distribution, Underwriting, Claims).
We brought heavy insurance expertise to the project and were able to discuss goals and challenges with the interviewees in their own business language. We also set up reference data, or data used to categorize other data, in Ataccama’s Reference Data Manager web portal and provided training materials for data stewards. By implementing a new form of data governance, we were also able to help the client identify ownership of defined critical data elements that were once considered reference data.
This business-focused approach and a keen sense of industry direction allowed our team to identify high-value business data initiatives based on primary business objectives, data governance, and key industry trends.
