Data Governance for Financial Services Catalogs
Using Orchestra Networks Master Data Management Software, a leading insurance company manages a central MDM for all its product lines and distribution channels
Context
An insurance company decided to build a unique product catalog that contains all its product lines and distribution channels. Before launching this MDM initiative, the company had to maintain multiple heterogeneous product catalogs that were difficult to update and to adapt to its distribution channels.
The main challenge of this project was to design a highly complex data model that allows to configure any type of insurance product (car, home, health) and various packages. In addition, each insurance product had to be adapted to a large number of distribution channels, from direct points of sales to retail partners. Combination of products, packages and channels results in more than 10 million records.
“Launch of new innovative insurance products through our direct and indirect distribution channels has been reduced from months to a few days, thanks to a central and consistent Master Data Management solution
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Data Governance Objectives
» Design a very complex insurance product data model
» Federate and adapt product data to channels and partners
» Empower business teams with a user-friendly data management tool
» Define roles, rights and security rules
» Manage concurrent changes on versions, compare and merge them
Solution: EBX.Platform
The insurance company first evaluated a custom development. Because of data model complexity and multi-channel requirements, it decided to deploy EBX.Platform. Key features for this project were:
» Complex data modelling
» Data federation for multi-channel adaptation
» Role-based security and end-user workflow
» Life cycle management (version control, compare & merge)
Benefits
» Reduce time to market of new product packages from 3 months to 2 weeks, thanks to a unified repository and user-friendly tool
» Improve distribution channels satisfaction by rapidly adapting products to partners requirements
» Get a unique competitive advantage by launching innovative insurance products
