Alation for Insurance
Streamline operations and improve the customer journey
New opportunities for growth and competitive advantage inevitably emerge in times of crisis. For insurers, the crisis provides a catalyst for accelerating digital transformation, developing new business models and revenue streams, and meeting customers’ evolving needs. But first, insurance providers must overcome challenges created by productivity demands, an increasingly strict regulatory environment, and the uncertainty posed by data-driven transformation.
How Alation Helps Insurers
SMOOTH CLAIM PROCESSING
RESPOND TO CRISES FASTER
SIMPLIFY DATA MODERNIZATION
ENHANCE DATA SECURITY AND PRIVACY
MONITOR EXPOSURE TO RISKS
OPTIMIZE CUSTOMER EXPERIENCE
How Insurers Use Alation
Smooth claims processing
Fragmented, ill-defined data creates complexities, and skew conclusions in claims processing. Alation provides a single, real-time view of siloed claims data. Alation captures common definitions, curates data, and presents context as the data changes, delivering purpose-driven claims and reducing the friction in decision-making.
Respond to crises faster
The current economic crisis is exposing the functional and structural inefficiencies in the insurance industry. Alation’s intuitive interface enables analysts in claims, underwriting, and risk functions to quickly discover and analyze relevant data to make informed decisions, faster. Alation breaks down silos and enables collaboration across cross-functional teams, improving their ability to deliver value.
Simplify data modernization
Many insurers are hindered in their digital transformation journey by fragmented legacy systems and processes that simply cannot scale. Alation accelerates and guides the migration of data from fragmented legacy systems into cloud data stores. Once in the cloud, advanced technologies like AI and ML enable the delivery of high-impact analytics while significantly reducing migration costs and risks.
Enhance data security and privacy
Insurers are striving to meet regulatory requirements due to siloed information, growing data volumes, and broadening ecosystems that can include everything from IoT to cloud data. Alation enables them to gain real-time insights into precisely where sensitive data is stored, how complete and accurate it is, and how it is used and protected.
Monitor exposure to risks
Evolving risks like climate change, cyber threats, and economic conditions require you to dynamically reevaluate existing risks, and effectively predict and assess the new risks. The greater your understanding of the data and related context, the more sophisticated your risk modelling can become. Alation provides you with a unified view of risk-related data, and with access to relevant information about changes in risk exposure, enabling actionable insights.
Optimize customer experience
Customers demand a personalized experience. To achieve this, insurers need ready access to high-quality, relevant data. With that data, they can streamline the customer journey all the way from request for coverage to approval of the claim. Alation delivers a trusted data foundation by enabling a single view of the organization’s fragmented data assets along with a clear picture of the current state of data quality.
Read how Alation benefits Insurance firms
"Travelers Insurance uses Alation to create an "Amazon-like experience for data within Travelers"
Senior VP | Chief Data & Analytics Officer, Travelers
"We identify critically sensitive data in Alation and the associated regulatory applications, e.g., HIPPA, CCPA, GDPR, etc."
Director of Enterprise Data Enablement & Governance, CNA