January 2019 – Master data management is designed to ensure that enterprise data has been de-duplicated, cleansed, organized, secured, and assessed for quality.
Insurers are placing a priority on data initiatives to support their predictive modelling and AI programs. High data quality is imperative for digitization where data is being exposed to outside parties. Existing and emerging data regulations are also driving a need for improved data governance.
Chief data officers and multi-tiered data governance organizations are becoming more prevalent as data is increasingly being treated as an asset. Challenges exist with organization, resourcing, process, and funding that can stymie the results of well-intentioned data programs.
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