Through implementation of the Oracle Product Information Management Hub and Oracle Product Data Quality by LumenData, a Fortune 500 Insurance Provider can focus on strategic, revenue-producing activities rather than reacting to regulation needs.
Like many others in the industry, the Fortune 500 Insurance Provider relied on institutional knowledge and manual processes to manage its retirement investment operations. These processes included using spreadsheets to store the information needed during a product’s multi-stage lifecycle—from fund establishment to investment management and receipt recording of redemption fees. Though this manual system served the Fortune 500 Insurance Provider reasonably well for a number of years, the system had become increasingly time consuming and difficult to administer, increasing the risk of regulatory sanctions. As a result, staff typically functioned in reactive rather than proactive mode.
Management from the Major Investment Bank expressed the following concerns:
- No single business unit owned investment data and related processes end to end.
- Creating, viewing, and maintaining the complex relationships among funds and financial products posed a challenge.
- Business rules and data flows varied for each type of investment.
- Inefficiencies and redundancies increased the time needed to generate reports.
Adding to the complexity of its operations, the company interacts with financial data analysis companies every day through incoming and outgoing data feeds, so all information must be checked for accuracy and synchronized on a daily basis.
What We Did:
Based on our expertise in MDM and our long-standing partnership with Oracle, the Fortune 500 Insurance Provider engaged LumenData for assistance in implementing the Oracle Product Information Management Hub, which eliminated data fragmentation, provided consistent information across business units, and provided users access to centralized product information from heterogeneous systems.
In a record nine months, business results included
- Quicker and easier creation of critical management reports due to automated processes.
- Large-scale updates made directly within the solution due to supported batch processing.
- Easier creation of and maintenance for complex hierarchical relationships among funds and product types.
- An increase in users from about 150 to over 500.
By creating a single source of the truth, the Fortune 500 Insurance Provider was able to save time with the elimination of the manually intensive spreadsheet approach, the automation of its reporting processes, and the provision of tighter controls for more security.
The next steps for the Fortune 500 Insurance Provider includes creating additional attributes for its product types, incorporating more data feeds into the system, and creating a data warehouse that enables complex data queries.