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Facing new challenges: The future of risk data management in the insurance industry

An ideal data management strategy should not only provide an organisation with operational gains or efficiencies, it should also help it to develop systems and processes that can deliver real business value. As such, a data management strategy should enable a business to use the information it collects on a daily basis to strengthen its decision-making capabilities.

But what challenges do insurance companies currently face when it comes to managing data in today’s increasingly regulated markets? How should change – both cultural and operational – be approached when it comes to building internal systems that can continue to adapt as these markets evolve? Firms in this industry currently encounter change as a result of regulation, market evolution, competitive pressures, technology and internal innovation. Data management strategies must respond to all of these issues.

In this white paper, John Winter and James Webb of FIS focus on the challenges ahead for insurance companies in light of ongoing regulatory developments and growing expectations from risk stakeholders. Using the results of a survey conducted in October 2015, they examine the key concerns for firms in this market in terms of how to extract full value from increasing volumes of available data, and how to develop an optimal data management strategy that will withstand the inevitable change.