Transforming data into success: the harmonisation advantage – insights from the panel discussion
Discover a comprehensive overview of insurance experts’ insights on the significance of data harmonisation and its impact on the insurance market from our recent InsurTalk event.
Future Processing, the specialist IT firm in the London Market, organised a panel of industry practitioners to translate requirements and standards into practical implementation steps that firms might want to consider when embarking on a data project.
The session, “Transforming Data into Success: The Harmonisation Advantage,” featured industry experts Sharon Stanley, Managing Director at GPM Development Limited, Lewis Gibbons, Operations Director – Business Transformation at Howden Insurance Brokers Limited, and Clarissa Montecillo, Head of Global Reinsurance and Large Commercial at ACORD, with Piotr Piękoś, Head of Insurance at Future Processing, serving as the moderator. In addition to responding to questions from the moderator, the experts also referred to the results of a survey that event participants completed during the session.
With over two decades of experience in the Specialty, Marine, and other lines of the insurance industry, Future Processing effectively addresses complex data challenges.
This extensive expertise in consulting, data migration, AI, and cloud services makes us the ideal choice to convene such panels.
Key takeaways
- Successful data harmonisation starts with a comprehensive understanding and governance of data. Engaging business stakeholders ensures the project aligns with business goals, while clear communication between IT and business teams helps avoid misunderstandings.
- Seamless integration requires clear data definitions and formats. Focusing on data quality, standardisation, accessibility, and interoperability will reduce manual work, ensure data is well-organised, and enable informed decision-making.
- Before digitising, it is crucial to understand your current data and processes. Clearly defining business needs and involving stakeholders throughout the process is essential. Ongoing governance and management are key for lasting success.
- Companies that do not adopt data harmonisation will struggle with competitiveness and attracting talent. Regulatory pressures will push towards data-led modernisation. Proactive companies will gain a significant competitive advantage.
Understanding the challenges of data harmonisation
The discussion kicked off with a focus on the importance of understanding data and its flow within organisations. Clarissa Montecillo emphasised the need for comprehensive discovery and data governance.
She pointed out that many digital transformation programs fail because they do not spend enough time understanding their data and its lifecycle within the organisation. “Not enough time is spent in the discovery phase,” she said, “before jumping into target models and objectives. It’s crucial to understand your current data estate to build an effective roadmap for transformation.“
Lewis Gibbons echoed this sentiment, stressing the importance of business-focused data initiatives. “When we look at data standardisation and harmonisation, it can be quite siloed. Bringing that business-centric focus into the initiatives is crucial,” he noted.
Gibbons shared an experience where lack of business engagement led to poor quality outputs in a data sanitisation project, underscoring the importance of involving business stakeholders throughout the process. “The people who were working with the data didn’t really understand the business case. They weren’t invested in that piece of work. Bringing business and technical stakeholders together is essential to ensure that data initiatives are aligned with business needs and objectives,” he stated.
Sharon Stanley added that effective communication and a common vocabulary are vital for successful data standardisation.
She noted that there is often a lack of integration between IT and business functions, which hinders the harmonisation process. “Understanding the language different stakeholders use and ensuring they see the value in their input is key to bridging this gap,” she said.
Envisioning the ideal state of data structures
When asked about the ideal state of data structures, the panellists provided a clear vision. Clarissa Montecillo emphasised the need for a cohesive understanding of data definitions, formats, and structures across platforms to enable smooth integration and business benefits. “An ideal state is where there’s a common understanding of data and its structures, allowing seamless integration across systems,” she explained.
Sharon Stanley envisioned a scenario where data flows smoothly through the value chain with minimal manual intervention. “Utopia is a single entry of data that moves through the cycle, augmented as needed, and passes through a gateway that translates it into a common standard,” she said. She recognised the difficulties posed by legacy data but stressed the importance of starting with new, well-organised data.
Lewis Gibbons outlined four key areas for an ideal data state: quality, standardisation, accessibility, and interoperability. He highlighted the importance of data quality and standardisation in driving reliable insights and operational efficiency. “Quality data is crucial for trusted outputs that can drive business insights,” he noted. “Standardisation ensures that data is consistently understood and used across the organisation.“
First steps towards data harmonisation
The panellists also shared practical advice for organisations that are just starting out on their data harmonisation journey. Sharon Stanley recommended focusing on understanding the data and processes before digitising them.
“Understand the data, understand the process, and know whether you want to improve that process before just repeating and digitising a process that’s not useful,” she advised. She also emphasised the importance of communicating the value of data projects to all stakeholders to ensure buy-in and support.
Clarissa Montecillo reiterated the need to spend time understanding the current data estate and the processes surrounding it. She was surprised by the survey results that prioritised cost reduction, arguing that the true value of standard data lies in its ability to drive informed decisions.
Lewis Gibbons highlighted the importance of clearly defining business requirements and keeping stakeholders engaged throughout the process. “The first step is understanding from the business what their requirements are and being very clear on that,” he advised.
“Keeping that stakeholder engaged throughout the process and supporting them is essential.” He also emphasised the role of ongoing governance and management in ensuring the sustained success of data harmonisation initiatives.
Future implications for market players
The panel concluded with a discussion on the future implications for market players who do not catch up with data harmonisation. The panellists agreed that organisations that fail to embrace data harmonisation will face increasing difficulties in remaining competitive.
Sharon Stanley noted that such organisations would struggle to attract talent and retain their market position. “They will become less attractive places to work and may lose out competitively,” she warned.
Clarissa Montecillo and Lewis Gibbons agreed, adding that while these organisations might not disappear, they will find it harder to perform their jobs efficiently. Gibbons pointed out that regulatory pressures, such as those from the Financial Conduct Authority (FCA), will push organisations toward data-led supervision and modernisation.
He also pointed out the significant opportunities available for proactive organisations to leverage data for competitive advantage. “There’s a huge opportunity for us to do it without having to be forced. We can leverage this demand proactively,” he concluded.
Conclusion: the road ahead
The insights shared during the InsurTalk discussion panel highlight the critical role of data harmonisation in the insurance industry. It is not just about operational efficiency but also about enabling better decision-making and strategic insights.
The experts stressed the need for a collaborative approach, involving both business and technical stakeholders, to achieve successful data harmonisation. By understanding and leveraging their data effectively, organisations can drive significant benefits and maintain their competitive edge in the evolving insurance landscape.
Future Processing is your ideal partner
For those in the insurance industry, the message is clear: the harmonisation of data is not just a technical requirement but a strategic imperative for future success. Future Processing is your ideal partner for achieving these goals. Our expertise can help you navigate the complexities of data harmonisation and ensure your organisation remains competitive and efficient.
Want to learn more about how data harmonisation can benefit your organisation? Visit our website or contact our experts to find out how we can transform your business.
