There is a movement within the insurance industry to consolidate databases from multiple departments in order to gain a complete policyholder view. Typically, insurers with one database can see the different channels and lines of businesses within the company in which policyholders interact. In addition, it allows insurers to better comply with regulatory reporting and prevent premium leakage.
But, consolidating databases has always been a challenge, which is why so many insurers choose to maintain separate databases for different departments or business units. The question is whether it is worth going through the business challenges of combining a database to get the business benefit of centralization.
While there are many considerations to take into account, one challenge that faces insurers with any migration is data quality. Questions often arise about datastandardization, duplicates, outdated information, and missing fields. All of these challenges are surmountable if stakeholders properly consider how to mitigate these processes prior to migration.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
