PriyaPatel
TLDR:
Insurers face challenges in managing multiple systems due to historical reasons, mergers, and technological issues. This leads to increased costs, data inconsistency, and lack of a comprehensive client view. One solution is to invest in an Operational Data Store (ODS) to streamline data management and improve sales processes.
Key Elements:
- Causes of system multiplicity
- Technological challenges
- Business consequences
- Solution: Implementing an Operational Data Store (ODS)
When talking with representatives of insurance companies, the issue of managing multiple systems is often encountered. The main causes of system multiplicity include the growth of operations, product portfolio expansion, and frequent mergers and acquisitions. Technological challenges such as diverse APIs and data format differences also contribute to the complexity of managing multiple systems.
Business consequences of system multiplicity include increased costs, data inconsistency, and the lack of a 360-degree view of the client. To address these challenges, investing in an Operational Data Store (ODS) can improve data management, streamline integration, and enhance sales processes such as up-selling and cross-selling.
Overall, managing multiple systems in the insurance industry is a strategic and technological challenge that requires continuous innovation and attention to improve customer service quality and business efficiency.
