Customer Data Management for Insurance Accelerator

Customer Data Management for Insurance Accelerator

Posted by: Informatica Master Data Management

Informatica's Customer Data Management for Insurance Accelerator enables life and non-life insurance companies to shift quickly and easily to a customer-centric view of operations from a policy-centric view. The solution enables improved business outcomes for customer experience delivery, regulatory compliance, and marketing and sales activities.

Overview

Informatica's Customer Data Management for Insurance Accelerator simplifies the management of customer, beneficiary, and policy data across lines of business, regions, agents, and households.Built on the industry-leading multidomain Informatica MDM product and based on the ACORD Information Model, the accelerator for life and non-life insurance companies includes business rules to enable cleansing, matching, merging and validating master data.With the strategic management of data , insurers can begin to see the relationships in their data and gain valuable insights to:
  • Identify insurance needs, better manage preferences, and improve how claims are serviced.
  • Support improved customer support, marketing campaigns, analytics, and billing activities.
  • Enhance customer experiences cross all interactions and channels, including call centers.
Key requirements addressed:
  • Supports B2B/B2C customers, hierarchies, household entities
  • Maintains relationships between policies, products, customers, households, agencies, brokers, and employees.
  • Supports regulatory compliance through robust Death Matching rules.
  • Provides for multiple policy systems to be notified by reports.
  • Provides real-time access to the matched information.
  • Identifies beneficiaries of deceased people for settlement of insurance claims.
The solution also aids insurers when identifying beneficiaries of deceased customers to quickly settle all insurance claims in compliance with the Unclaimed Life Insurance Benefits Act (ULIBA), and other similar state laws. This component includes cleansing, matching, conflict resolution, and reporting of decedent data. Informatica's Accelerators provide trusted business-critical master data and include:
  • Supports B2B/B2C customers, hierarchies, household entities
  • Maintains relationships between policies, products, customers, households, agencies, brokers, and employees.
  • A comprehensive prepackaged data model to achieve results quickly and with less risk.
  • Prebuilt business rules to automate cleansing, matching, merging and validating data.
  • A user interface, dashboards and a workflow to streamline data consolidation.

Features

Comprehensive (extensible) data model based on ACORD

  • Entities include : Party, Policy, Product, Insured Object/Subject, Household

Co-deploy Unclaimed Life Insurance Benefits Compliance Solution

Cleanse, match, merge and survivorship functionality

Versioning and lineage

Informatica Data Integration Mappings for consuming inbound data

Composite services for ?get? and ?search/match?

Realtime lookups

All Informatica MDM Features

Out-of-box reports for

  • Error and validation
  • Matches and updates consumption by policy systems

Robust rules package

Informatica Data Integration Mappings for creating outbound reports

JMS message configured for near-real-time notifications

Pre-configured hierarchy and relationship management

Security

Bulk manipulation (UI)

To realize optimal results, accelerator elements can be configured to suit your environment.

Current Version : 10.1Release Date : Aug 31, 2016. System Requirements:

  • Informatica MDM 10.1 HF1
  • Informatica DI 9.6.1 HF3
  • Informatica BPM 9.2.4.1
  • Comprehensive Data Model:
    • 10+ core entity types
    • 10+ relationship/hierarchy types
    • Based on ACORD Information Model
    • Derived from real use cases
  • User Interface for data stewardship
  • Services-enabled
  • Data from thirds party feeds ? SSA DMF (Death Master File)
  • Multiple source mappings created for handling internal in-force policy systems, claims system, third party admin data.
  • Outbound reports and notification
  • Robust Rules Package
    • Data Quality, Match, Survivorship, Linking
  • Out-of-the-box business user interface
  • Includes organization and staff hierarchies

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  • The XML file of INSURANCE_DIM_HUB.change was damaged when unzip the file. Please help have a look.