Data Quality Management System in a Major Insurance Company
For a major insurer operating on the Czech market, Deloitte has developed a data quality management system which significantly increased the effectiveness of data services rendered to users. The system will also ensure the company’s compliance with the new regulatory obligations that place increased requirements on data quality.
The ability of all companies to manage their data has become the key to success in the world, which is increasingly more influenced by information technology. The growing size of companies results in a larger volume and complexity of processed data. All of the above factors place new demands on the correct setting of systems producing and administering data. We analysed the as-is state of data processing for our major client. We assessed the current maturity of data management and data quality in the most significant areas and compared the results with other companies operating in the same segment of the Czech market. We identified the main issues and specified the solution method in order to meet the business needs and regulatory requirements for data stream traceability, auditability and the data quality as such. In addition, we also defined the methodology for setting the data governance model – the roles, responsibilities and principles of data ownership as well as the levels and structure of data dictionary. The following stage involved the implementation of the functional data quality management system as such – process management of data processing, rules for data control and the system of their evaluation, data quality dashboards, data-related documentation. We also optimised the data-related aspects of business processes in terms of risk and actuarial science.
Deloitte’s added value
- We provided the client with highly-efficient implementation of custom-tailored data quality management system as a result of the interconnection of our business expertise in the insurance industry and technical IT knowledge.
- We linked the regulatory requirements for data and data quality with the company’s business goals.
- Along with the data quality management system, we also provided the client with methodological principles for the individual system’s development in the future.