Data lies at the heart of the insurance industry: it’s crucial for managing operations, ensuring compliance, and facilitating communication among stakeholders. However, in practice, data management is far from straightforward. Some enduring myths and misconceptions can complicate processes…
1. “All data is centralised“
In reality: Data is often scattered across various systems, stakeholders, and formats. The real challenge isn’t about centralising data but making it accessible to the right individuals at the right time, and doing so securely, through an effective data governance strategy and urbanisation.
2. “An Excel spreadsheet is sufficient for structuring data flows”
In reality: Given the volume and diversity of data formats, Excel quickly reaches its limits. Manual data entry heightens the risk of errors and fails to meet regulatory requirements; therefore, automated and industrialised data management is essential.
3. “Regulations are stable; compliance is a one-off task”
In reality: Standards, obligations, and regulatory frameworks are constantly evolving (such as Solvency II and DORA). Continuous monitoring and proactive adaptation to these changes are vital for maintaining compliance.
4. “Interactions between stakeholders are always seamless”
In reality: Insurers, delegates, brokers… each party uses its own systems and formats, which is entirely legitimate. Improper handling can lead to challenges in controlling and validating operations. Automating these varied processes is key to addressing these issues.
5. “Data is reliable as soon as it’s entered”
In reality: Data entry errors, inconsistent formats, and incomplete updates… raw data isn’t necessarily usable without thorough normalisation and quality control, which should be applied systematically at every stage and performed efficiently.
How can we make data management easier?
Optimising the Middle Office addresses this challenge: effective industrialisation enables the collection, qualification, processing, and sharing of data in full compliance, without sacrificing performance.
At Apidata, we develop automation and industrialisation tools for insurers’ Middle Office, supporting them in their digital transformation while addressing their business and regulatory challenges.
For more information on optimising your Middle Office: