stop the data chaos and get covered protecting your enterprise systems through data integrity...

Stop the Data Chaos and Get CoveredProtecting Your Enterprise Systems Through Data Integrity Automa-

tionMark Priebe, Sr., Solutions Consultant

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6of the top 10

P & CInsurers

of the top 10 Commercial

Banks

Maintain Order with Data Integrity Controls

Infogix delivers enterprise

wide solutions in three

robust categories:

CONTROLS

ANALYTICS

VISIBILITY

Insurance Data Integrity SolutionsEnd-to-End Enterprise Controls and Visibility

Automated and Continuous

Data in Motion: “In Flight” and “At Rest”

Independent and Auditable

Scalable and Customizable

When combined, these suites provide executives with a powerful end-to-end process for making the right business decision in real time.

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Reduce Risk & Support Compliance

Global Support, Managed Services & Cloud-based offerings

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Macro Industry Trends

Legacy Migration

Increasing complexity of systems, applications and processes demand

data integrity controls

(Legacy to new systems)

Compliance Mandates

Increasing regulatory compliance requirements require end-to-end

control of data

Changing Business

ModelsChanging business model and technology landscape assume

quality data

(Cloud, mobile, web, etc.)

Actionable Results

Competitive market driven by data/Information decision making

requires predictive analytics

2015 Insurers Outlook

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Managing risk is the fundamental challenge of the insurance industry

and the most effective way to reduce uncertainty and maximize profitability is to ensure your data

is accurate and up-to-date.

Data quality affects areas like risk assessment, customer satisfaction,

mailings and business reporting, and strategic planning.

Property and Casualty External Forces (Source: EY)

Life- Annuity Insurance External Forces (Source: EY)

Ovum Research reported that poor quality data costs businesses at least 30% of revenues

Data Integrity Challenges Facing Insurers

Disparate systems/platforms

Multiple Manual steps

Lack of real-time operational reporting

Product centric information silos

Semi-automated controls

Lack of visibility into process level information

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Data

Data

Data

Data

Data

Data

Data x2

Data

Data

Implications ofInaccurate,

Inconsistent,Unreliable Data

Non-Compliant,Revenue Leakage,

Inefficiency,Customer Loss

Finance

Claims

Marketing

IT

Distribution

eCommerce

Engineering

Procurement

Support

Services

SiloedBusiness Processes,

Roles & Systems

Indecisiveness

Improper

Decision-Making

Data in motion* is the foundation of your business – Bad Data Cost $

* Transaction data

Data

Core Systems are Complicated

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Complex data integrity control integrations points

require end-to-end controls

Core System Data Integrity Challenges

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The Source System

• Incomplete or inconsistent data at the source increases risk when transferred to other target systems.

External Data Provider or Vendor

• Data quality measures must be incorporated with all new data that enters a company’s database, especially from an outside provider.

Complexity of Information

Infrastructure

• Risk increases as the number of platforms, applications, and data volume increases.

Data Transfer Process

• Data extraction requires proper controls to prevent errors with data structure logic and loading processes.

Infogix provides flexibility to evolve between deployment options

Platform Flexibility

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Customer Managed Infogix Managed Infogix ManagedCustomer Managed

Cloud On-Premises

Two Approaches to Control Data Chaos: Silos or Enterprise

Standardized End-to-End Controls with Enterprise Visibility

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Intra SystemData Controls



Inter SystemData Controls







Custom Point-to-Point Controls with Limited Visibility by Silo

End-to-End Transaction Tracking

Orchestrating Data Chaos Requires a New Approach

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OR

OR

OR

Enterprise Rules Based Controls

Standardized and Automated Controls

End-to-End Visibility

Custom ETL/SQL Controls between two Points

Point-to-Point Visibility

Manual and Semi Automated Controls

Control Data Chaos Starts in One or More Focus Areas

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Infogix

System Conversions & Migrations

Claims / Premiums

Reporting Statements

Compliance

Effortse.g. Basel III,SOX

SLA ManagementFinancial &

Regulatory Reporting

Billing &

Payments

Card Processing

General Ledger

Data Warehouse

Distributed Platform

Mainframe

Policy DataClaims Data

Investment Data

Commissions DataG/L-Finance

Extract, Transform, Load

ClaimsData Mart

Financial Data Mart

M.SHIPData Mart

EnterpriseData Warehouse

Reporting

Summary and detailed validation through data lifecycle

• Duplicate• Format• Balance• Reconciliation• Timeliness

Industry Operational Best Practice

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Analyze data nearest to the source

Value of End-to-End Controls

Automated and Independent Controls

Non-Intrusive and End-to-End Support

Real-Time and Continuous Controls

Enterprise Standardization

Rules Based Controls

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Real-Time Control, Monitoring, & Visibility for Insurance

Claims Systems

Data Warehouse

PolicySystems

Financial Systems

Billing &Enrollment

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Infogix Controls & Visibility into health of enterprise controls:- Real-time- Automated- End to End- Independent- Configurable, Rules Based- Monitor, Alert, Analyze

Capture Compare Control Communicate

Infogix Controls• Verify source system inputs

• Validate cross-platform exchanges

• Check reasonability of information against historical data

• Balance/Reconcile in-line data from End to End

• Validation of business rules on all data

• Reconcile data to Sub-Ledgers and the GL

• Track critical data to ensure internal and external SLA’s are met

Example Integration Points with Core Systems

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Data Integrity Controls

Policy Claims

Billing

Inbound Systems

Customer Portal / Agent Portal

IVR System

Credit Card Verification

Bank / ACH

Enterprise Authentication

Document Storage

Outbound Systems

Document Production

Legal Collections

1099 Reporting

General Ledger

Check Issuance

Producer Management

Infogix Data Integrity Control Points

Analysis around• Data Quality• Compliance Metrics• Exceptions• Loss Prevention

Monitor Data Quality dimensions such as• Completeness• Type Conformance• Value Conformance• Consistency

Visibility Demands Increasing

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Dashboards to monitor PCI compliance

Perform Audit on your process for improved risk management

Visibility Demands Increasing

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Customer Reported Benefits of End-to-End Approach

• Lower FTE costs through automation• Track when, where, and how data

abnormalities occurred• Reduce reconciliation time• Enterprise visibility into health of data• Reduce risk in meeting corporate

governance and regulatory requirements• Monitor SLA’s• Increase accuracy of end-to-end data

quality

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Savings Insurers Report from Using Automated Controls

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Ensured errors were identified early

13,000 Errors Identifiedwith a projected

liability reduction in excess of $10M

Ensured auto quotes matched up with billing

Resulted in $2M of revenue accurately

captured

Compliance Quality Automation

Ensured security access changes of departed EE’s

87% reduction in manual efforts

Improved overall security validation by 95%

• Problem: Inaccurate premium amount being recognized through quoting to billing process resulting in reg. fines, customer dissatisfaction and possibly incorrect financials

• Solution: Controls beginning with quote and through entire customer and financial lifecycle to ensure no unintended changes

• Value: Rolling 12 month of total difference in premiums identified (Benefit) = $3 – 4M

Case Study Results: Automotive Premiums

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QuotingPolicy Admin

Billing

Onboarding

GL

• Implication: Controls of an end-to-end process that can simultaneously reduce operational, financial, regulatory and customer churn risk

• Key takeaway – Controls can go beyond simple point to point balance – understand and optimize process by accounting for anticipated changes

Agency

Direct

Top 5 P&C Insurer with over 12 million Policies in Force

• Problem: Each state DOI requires certain “critical” forms be sent out to a customer based upon policy purchase/renewal, failure to do so can result in fines, unanticipated/compensated liability, customer dissatisfaction

• Solution: Transactional balancing controls to control/balance the intent of an action – sending proper forms (paper or paperless) – meeting regulatory needs and reducing liability risk

• Value: >13K individual errors have been identified with a projected liability reduction in excess of $10M

Case Study Results: Forms

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• Key takeaway – Controls solve business and risk problems, not just balance financial and customer data. By understanding the risk and intent of a process we can design a solution to meet those needs

Policy Admin

Onboarding

FormsGeneration Print


• Problem: With the adaptation of cloud and ASP based applications, organizations have less control over their data, but need to mitigate risk especially around financial data. With the purchase of a new 3rd party Expense Management (T&E) application there was a need to ensure adequate control of the process

• Solution: Built controls to monitor all outgoing transactions and files to 3rd party expense management solution as well as returning files to ensure completeness, timeliness and accuracy of financial reporting, SLAs with vendor and proper payment

• Value: Ability to hold vendor responsible for contractually agreed SLAs, meets SOX requirements and reduces risk of losing/misrepresenting financial data

Case Study Results: Expense Management

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• Key takeaway – As more processing moves to the cloud and 3rd party vendors being able to ensure accuracy of external processing and contractual obligations is critical to financial accuracy and risk management processes

Cloud App for Processing

“Portal”/API

Oracle

Landing Zone

Processed Exceptions

Disbursement/Checkwriter

(MVS)


Stop the Data Chaos and Get Covered with Infogix Automated Controls

Compliance Driven• Built-in complex business rules align with Insurance regulations - adaptable to updates

Limited IT and Data Analyst Resource Needed• Web based interface and preconfigured business rules and reports

Flexible & Customizable• Easily customize validations and dashboards to meet your specific requirements

End-to-End Visibility and Reporting• Monitor end-to-end operational, financial, and analytical performance

Deployed Faster and for Less Cost than Internal Development• User ready and can be deployed before looming deadlines

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Stop by our booth to learn about the 4 C‘s

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Protecting Your Enterprise Systems Through Data Integrity Automation

Capture → Compare → Control → Communicate

What’s NextLet’s continue the conversation ...

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stop the data chaos and get covered protecting your enterprise systems through data integrity...

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