Insurance Data Governance
The insurance industry collects vast amounts of data needed for day-to-day operations, reporting and forecasting. Unfortunately, the framework and methodologies needed to manage these valuable assets for the full data lifecycle are not always correctly implemented.
Meridian Integration provides consulting, advisory, implementation, management and training services to help carriers understand the value of insurance data governance beyond myriad regulatory compliance and reporting requirements. Our framework and methodologies provide the effective processes for data management and data governance from cradle to grave for analytics, forecasting and other business applications.
EDMS Data Governance Features:
- Data Strategy, Management and Governance
- Financial Crime Detection and Prevention
- Operational Resilience
- Conduct Risk
- Transaction Reporting
- Internal Audit Analytics
- Regulatory Compliance
- Regulatory Data Management
EDMS Data Governance Benefits:
- Repeatable & automated processes around data management
- Improved data quality and usability
- Improved data security and auditability
- Increased visibility into costs associated with data
- Increased accountability for use of data & appropriate use of data
- Standardized lifecycle management for data use
Our Storage footprint and cost was continually increasing, Quality of test data was insufficient in spite of higher volumes of accounts to provide more scenarios, refreshing test environments was time consuming due to higher account volumes, no method in place to provide purge functionality that would maintain data integrity. After implementing the Meridian EDMS platform the Immediate result was the elimination of 17TB of premium storage that supported test environments and one high end Unix server that hosted the databases, reductions in storage growth provided O&M savings of $2 M costs over 5 Years, avoided capital costs of $4.4 M from storage purchases no longer required, smaller test databases through EDMS functionality that provides representative samples of accounts specific to our installation, faster test database refreshes through EDMS representative samples and Improved test quality through an EDMS data extraction process which allows users to extract accounts that specifically address their test scenarios.
— (BGE) Baltimore Gas and Electric Company