Enterprise Data Management

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The insurance sector is facing challenges arising due to data inconsistencies. The data swamp the industry is witnessing is resulting in ineffective customer strategies, internal and external reporting issues, and higher costs of operations. While it is easy to consider master data management a technological issue, a purely technological solution without modifications to business processes and controls will fail to deliver satisfactory results.

Key Takeaways:

  • The master data management (MDM) insurance industry market size is expected to scale from USD 16.7billion in 2022 to almost USD 34.5billion by 2027.
  • For a successful implementation, along with the adoption of master data management strategy, defining the outcome and value is paramount for every business.
  • This rising demand and increasing regulatory pressure are pushing the sector through a stir and forcing it to drive innovation and governance.
    • In effect, the MDM strategy is making it possible for insurance companies to transcend the error-laden, redundant, or silted information.

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