Master Data Management System In Insurance

1
Master Data Management System In Insurance
2
Master Data Management (MDM)

• It is a complete software system that centralizes
  the data to one master copy which is then
  synchronized to all applications. 
• A typical auto claims experience for a customer
  is them calling their insurers call center. They
  then have to keep punching buttons until they are
  finally directed to an appropriate customer
  service rep. And then go through a long process
  of providing their insurance information and
  claim.

3
(No Transcript)
4
Master Data Management Pros

• Data collection from different sources
• Application of business rules to ensure data
  quality
• Data validation 
• Data transmission to different workflows and
  verification of data during migration

5
Master Data Management Cons

• It is very complex and requires the involvement
  of too many stakeholders. Due to the complexity,
  the budgets for Master data management(MDM)
  implementation are too costly to be easily
  justified.  
• Source Link
• https//www.simplesolve.com/blog/master-data-manag
  ement-vs-data-integration