As they always have, insurance companies today are coping with change, managing risk, looking for ways to enhance their operations, and grow their books of business profitably. However, the degree of change and uncertainty is higher than it has been in recent memory; and the change is undoubtedly far from over in areas like healthcare and regulatory oversight. At the same time, many insurers are starting to feel the effects of low interest rates and a lackluster business environment, including declining revenue, profits, and company valuations.

 

Nonetheless, opportunities are available for organizations with timely insight that are also poised to take advantage. Newer technologies offer insurance companies an ability to develop a competitive edge if they are positioned to properly manage and analyze the volumes of data that are available now and in the future. Effective analysis of this data can help drive cost reductions while these companies make the process and product changes needed to meet shifting market and regulatory requirements.

 

Ultimately, the most successful companies will do the best job of ensuring the right information is made available to the right people when they need it. This is the fundamental concept at the core of SKML’s information management philosophy. It doesn’t matter how much “Big Data” is available from mobile devices, sensors, social media, and other websites if it is not managed effectively. Analytics can be powerful tools, but only of you can trust the data. The fundamental concepts of information management, such as data governance, data architecture, and data quality are necessary to unlock the true potential of descriptive and predictive analytics. 

 

We work with our clients to validate the business need and potential from improvements in information management, including the quality of and access to the data. We can help you establish the sustainable information architecture you need to support a more agile business model that enables operational improvements and positions your organization to move on opportunities that can surface and disappear quickly  in today’s business environment. The cost of not managing information as a corporate asset today and in the future could be much more than some organizations are bargaining for.

 

SKML has extensive experience and expertise in all aspects of enterprise information management (EIM), which will establish the sustainable information management environment your organization needs to succeed. This includes data strategy, implementation roadmaps, data architecture, data governance, data quality, and expertise with the technologies needed to support critical enterprise initiatives such as Business Intelligence (BI) / Analytics, Data Warehousing, Master Data Management (MDM), Enterprise Resource Planning (ERP), or a migration to a new operational system.

 

Insurance Case Studies: