Data drives the digital age! Insurance carriers are realizing the benefits of the Big Data movement. Data provides a 360-degree view of the customer, feeds reporting and predictive analytics, and drives real-time business decisions. So why isn’t it also driving the strategy for implementing claims applications?
Guidewire ClaimCenter® is built upon a robust data model, built-in processes, and an intuitive user interface that facilitates the claims administration lifecycle. Data provides triggers for those automated processes. The data model is at the heart of ClaimCenter.
So why are insurers so heavily focused on the user interface, while making critical data decisions has become an afterthought?
A Data Driven Approach
Starting with a data-driven strategy will help guide claims organizations in a design pattern for maximizing the investment of a ClaimCenter implementation. First, you must begin with a solid understanding of the out-of-the-box data model and its entities. Then you should consider including these key factors when contemplating a data-driven implementation.
Keys to Data-Driven Success
Establish a robust data governance plan and follow it
The user interface facilitates collecting the data
Document the gaps between the out-of-the-box data model and the future state data requirements
Determine the data needs that drive automated business rules/processes
As new entities and extensions are added, consider the validation rules required
What downstream applications will the data feed?
Consider all reporting data needs whether they are business unit, corporate, or external points of impact.
Make data the strategic driver of the claims system implementation. An investment in data driven development can produce real results for insurance carriers. By letting the data drive the development process it will keep the focus on key business informational needs. This will ensure the right information is available at the right time to make better business decisions. Understanding Guidewire's robust data model is just the first step in achieving the end goal.