Insurance

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- Core Insurance Initiatives
- Life Insurance
- General Insurance

Core Insurance Initiatives

Insurance agencies need to move data from legacy systems to a streamlined, integrated and modernized access platform in order to funnel data into their value streams and deliver on core business initiatives:

  • Analytics for Targeted Marketing: use legacy data history to identify patterns, predict behaviours and speak to current needs and global events
  • Exposure Management: lower non-compliance risks and manage data access through customized permissions, instant reporting, and a single port of entry
  • AI Model Development: curate an accessible repository of AI-ready data with no gaps
  • Data Lifecycle Management: automate governance rules to manage retention periods for claims data
  • Supply Chain Optimization: produce a digital thread for data history spanning decades and departments
  • Sales Distribution: provide an access point to full client data history to better serve policy buyers and support the customer journey.

DataNovata helps with those core initiatives

DataNovata is an "omnichannel data access portal" for insurers, helping them easily access and manage their client and claims data history to deliver on key strategic initiatives.

DataNovata provides:

  • A user friendly HTML interface to access records
  • API capabilities to gather data from multiple systems with one search
  • Meta data descriptions that are accessible to AI
  • Ability to export to CSV and PDF
  • Highly flexible governance features to assist in purge cycles
  • Auditing to closely monitor record access

DataNovata is the "any platform" solution for insurers looking to draw value from their data assets in a modern application at lower cost.

How it Works

Life Insurance

How can DataNovata make accessing lapsed policy data easy and efficient for life insurers?

Effective data retention management is essential for both operational and statutory requirements for life insurers. Client policy and claims history can be scrutinized for business intelligence, legal investigation and of course, customer service.

Data regulations for insurance require that life insurers promptly provide customers with their data upon request as well as maintain their archives at audit-readiness.

  • The industry commonly experiences mergers and acquisitions and more than 50% of core business applications run on siloed legacy platforms

  • Limited interoperability increases risk of non-compliance and customer defection to digital insurance platforms

Key Issues

  • the cost of migrating historic data outweighs the data value but maintaining the license fees is also a drain on resources
  • lack of data integration when mergers and acquisitions occur impedes data retrieval
  • changing data regulations create mounting pressure for accessible inactive data but the legacy framework lacks agility
  • employees who understand the old systems head into retirement while new hires have never been trained in the complex, outdated technology

DataNovata's Solution

  • legacy software is decommissioned and the data transferred to the DataNovata web interface with no data migration project necessary
  • all data history is stored in one place regardless of the source application, allowing like data to be easily retrieved and consolidated
  • DataNovata is an agile application that can be adapted to current needs while maintaining accessibility at all times
  • the DataNovata interface and tools are intuitive and require little training for independent use
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Problems Solved

DataNovata provides Life Insurance companies with a unique way to reduce, maintain and modernize applications: an easy-to-access, unified and accessible archive interface that anyone can easily master, to lower cost of retention and make regulatory compliance easy. Life Insurers can ease the technical and financial burden of legacy system modernization using DataNovata.

Read Case Studies

General Insurance

How can DataNovata simplify a complicated merged data landscape with masses of policy information?

With a wide variety of insurance types, the amount of general insurance policies that an agency may hold is virtually limitless. Frequent mergers double the burden as well as the complexity.

  • Lack of integration between merged legacy estates creates a fragmented data landscape

  • A split data landscape means double the cost and maintenance

Key Issues

  • Inherited legacy estates are non-interoperable and unintegrated, creating data silos
  • When client information is scattered across databases it becomes harder to search and consolidate
  • Stacked legacy estates create stacked costs and maintenance workloads
  • Data regulations frequently update for the industry, forcing insurers to update every database individually for compliance

DataNovata's Solution

  • DataNovata merges the legacy databases into one web-based platform, regardless of the source application
  • The easy-to-use search interface quickly indexes and brings up related data in a unified view
  • With the data secured in the DataNovata application, legacy can be decommissioned, eliminating costs and maintenance
  • The application is easy to customize and changes need only be applied once, making compliance easy
Get Started

Problems Solved

DataNovata is an "omnichannel access portal" for insurers, helping them easily access and manage their client and claims data history to deliver on their key strategic initiatives.

DataNovata provides:

  • A user-friendly HTML interface to access records
  • API capabilities to search multiple systems at once
  • Ability to export to CSV and PDF
  • Highly flexible governance features to assist in purge cycles
  • Auditing to closely monitor record access
Read Case Studies