Insurer Improves Operations with Master Data Management
Customer: Axis Capital
Website: http://www.axiscapital.com
Industry: Insurance
Customer Profile
AXIS is a global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services, backed by the exceptional financial strength and solid claims-paying ability of the AXIS insurance companies, rated “A+” (Strong) with a Stable Outlook by Standard & Poor’s and “A+” (Superior) XV with a Stable Outlook by A.M. Best.
Value to Customer
Improving day-to-day operations reduces costs and potentially increases revenue.
Providing increased visibility into operations enhances and accelerates decision making.
Acting in accordance with increasingly demanding and complex regulations helps the company comply with government regulations.
Insurer Improves Operations with Master Data Management
Industry: Insurance
AXIS Capital, a large property and casualty insurer, was looking for ways to improve the data quality and management of important data entities. Prologika implemented an MDM solution powered by Microsoft SQL Server Master Data Services (MDS) that allows business users to conveniently manage master and reference data in Excel.
Business Needs
Proper data governance is a critical issue for AXIS. Management realized that maintaining a single source of truth (a master database) can help them understand their operations better. That’s because the thorniest problem was traced back to the multiple legacy core systems. Historically, there hasn’t been an easy way to reconcile the differences between disparate source systems and offers organizations an environment within which they might view and manage a “golden copy” of enterprise data.
In addition, regulatory compliance has been an important concern as large U.S. companies now spend millions of dollars on regulatory compliance. AXIS was looking for ways to standardize data in order to ensure compliance.
Solution
Prologika implemented a solution for managing master data and reference data powered by Microsoft SQL Server Master Data Services (MDS). Prologika wrote ETL processed to extract data from different business segments (subsidiaries) and consolidate the data in MDS. Corporate hierarchies were created to define logical data exploration paths.
AXIS formed a data governance group whose members, from finance and IT, would be the data stewards. The group was tasked to figure out how each business subsidiary’s data definitions would transform into standardized datasets that could be standardized and imported into the MDM system.
Now a data steward can use Microsoft Excel to manage important master and reference data inside the tool they use every day. Multiple subscribing systems integrate with MDS to import the master data. For example, the company’s data warehouse imports several dimensions from the corresponding MDS entities.
Benefits
Using the master data management solution developed by Prologika, AXIS improved the data quality of master and referenced data. Historically, large organizations have spent millions of dollars on MDM solutions with questionable returns. Our cost-effective approach helped AXIS save implementation costs and delivered the MDM solution within a few months.
Improving operations
Effective master data management save the company time and money. The result is much more than just clean data. MDM offers AXIS a “single version of the truth” gathered from desperate databases.
Increasing insight
Organizations that maintain a single source of truth(master data) always understandtheir operations better than those that don’t. Clean, accurate data improves the company’s ability to track, measure, and interpretorganizational performance, so it can make betterbusiness decisions.
Ensuring compliance
By standardizing and reconciling main entities, master data management helped the company assure regulatory compliance with regulations, such as the Sarbanes-Oxley Act.
