Understanding data integrity is the Rosetta Stone for collecting, interpreting, translating, and communicating the “how” when course-correcting haphazard or disjointed workflows.
Historically, insurance organizations have suffered from data issues requiring manual workarounds to adjust or revise data. It’s a chronic issue and a familiar one to many organizations managing significant volumes of data that can have a major financial and cultural impact.
A simple warning: Beware of those who romanticize the “Journey” or process of streamlining a series of organized and efficient workflows. Neglecting to reckon with the fundamental need for clean, organized data (integrity) is paramount and requires a dedicated strategy. Failing to recognize that simply means you’ve willingly accepted snake oil in a Balenciaga bottle.
Insurance processes aren’t romantic; but consider this. Creating massive, cross-functional efficiencies that boost productivity while lowering the workforce temperature (often caused by ridiculously antiquated busy work) reveals the journey has suddenly become sexy…for everyone in the organization. Look at you, you’re a hero.
But the process isn’t linear. Unstructured or semi-structured data can be a nightmare. In today’s economies of scale, insurance organizations rely on quality data streams from various internal and external resources on a daily basis. If it’s “dirty” data, don’t expect to make accurate and consistent decisions in your workflows.
It is critical that insurance organizations shift to embracing a modernized infrastructure around clean, solid data and the streamlined workflows that work in tandem with it. The strategy should focus on a good design and implementation plan to store, process and retrieve data.
So how and when can you begin the journey? The absolute answer can be complicated but it doesn’t have to be. Data integrity initiatives and streamlining data workflows with cognitive AI guarantees optimization of internal business operations and the ability to make better decisions!
Fear of the unknown in these times of disruption is legitimate but should not be an excuse for making ad-hoc digital transformation decisions.
As insurance organizations become more familiar with AI capabilities, they will reap the benefits of implementing AI across their entire organization. The ability to combine a variety of AI components to support business needs like automating processes, gaining insight with data analysis, and enabling better engagement with employees and customers is a WIN WIN for everyone.
Ursula Merten is omni:us’ Director of Insurance Strategy & Transformation in North America. She is based in Chicago.
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