Main challenges for insurers in their strategy: MDM insurance

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Discover how secure MDM can help your business get consistent answers to key questions and practical solutions to management and performance issues. Do you organize your company's IT infrastructure and data sources according to the business line? Does each line of your organization maintain its own system for billing, claims and customer service ? Do you have problems creating and managing reports? Secure MDM , if it responds to a well-designed strategy, poses the solution to the problems of duplication and lack of consistency in reporting , the tip of the iceberg of the serious situation of data quality in the insurance sector, partly caused by the variability of the requirements to be met, partly by the diversity of standards to be applied.



Master Data Management: Creating a Master Data Strategy to Drive Business Outcomes
Secure MDM: Consistent answers and practical solutions
Insurers must effectively manage data related to applicable self employed database and regulations, their billing system, collections management, and also claims. Customer service is one of the concerns that can be solved with secure MDM . Master data management not only contributes to more efficient management and improved organizational performance, but it gives a boost to the business by promoting:

Increasingly detailed classifications .

Better results in demographic analysis.

Reference for exploiting new opportunities, cross - selling and pricing.

Support for risk management .


The result is the differentiation of the company , which achieves a better positioning that places it ahead of its main competitors; a goal that is achieved when there is the right foundation to manage effectively, govern appropriately, exploit analysis and deliver high-quality reports , always contextualized, regardless of the changing environment that MDM Seguros faces.

A secure MDM strategy , supported by the right technology, enables improved data governance capabilities , both at the project and enterprise level , helping to manage complex relationships and hierarchies. A good master data management plan provides the necessary support for the analytical and operational use of corporate information.





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Cost savings and increased revenue thanks to its MDM strategy





When MDM insurance is well designed, companies in the sector are able to obtain answers to questions such as the following, which, although essential for their sustainability and for improving the customer experience, have not yet been resolved in many cases today:

Which customers are the most valuable?

Which products are the most profitable?

What can be done to improve customer retention ?

Why do customers churn?

Which products work best?

Are all channels being managed effectively ?

Have all risks been taken into consideration ?

Is it known how these risks evolve over time?

Are all applicable regulations being complied with?

Is the same information shared across all departments?

Is the data permanently updated?