Enterprise Analysis for Guidewire®
Identify the opportunity to maximize your data integrity initiatives.
The traditional adhoc approach to building custom analysis between the information flows that move in and out of Guidewire® is an approach that is synonymous with plugging leaks in the dam. While this method is done in earnest to protect the quality of the data, it comes with a high price tag and increases data quality risk.
Cost and Risk Factors
Building custom data analysis points diverts resources from other high-priority projects and can result in missed deadlines, budget creep, and over-utilized resources. While the cost of bad data seems elusive, it becomes quickly visible when it results in a customer impacting or compliance issue that raises visibility to upper management stakeholders who expect trustworthy data.
The risks are three-fold; but the solutions are simple.
|Custom SQL and Extraction, Transformation, and Loading (ETL) tools to monitor data integrity are difficult to maintain over time and unforeseen errors can quickly propagate into other systems when the controls that once worked are broken due to changes in the data flow – source or destination system.||Standardized and automated end-to-end analysis which span the business process.|
|Lack of enterprise reporting visibility into the health of the multitude of analysis makes it difficult to proactively understand and fix data errors in a timely fashion.||IT and Business reporting clarity through data visualization provides enterprise visibility.|
|The cost to fix data quality, due to inadequate or failed analysis points, multiplies as the data corrupts other systems vs. the lower cost of fixing bad data that is identified immediately at the source.||Data integrity analysis with automated business rules and exception alerts along with enterprise visibility stop bad data in it tracks.|
When is the Best Time to Implement Infogix Controls?
There is high risk in a system replacement during both the implementation and deployment phase. During implementation and into initial deployment the legacy system is mirroring the new system until there is confidence that the legacy system can be decommissioned. Accelerating this phase to meet aggressive goals in turning up the new system through data integrity significantly lowers risk.
During the operational phase of the new system, data controls ensure that bad data is immediately identified and stopped before it can propagate into Guidewire® and downstream into other systems. Many stakeholders mistakenly deprioritize the importance of data analysis and take data quality for granted which can lead to a variety of negative business outcomes impacting the success of the new system.
The Importance of Enterprise End-to-End data controls with Guidewire®
Six of the 10 leading insurers turn to Infogix to ensure data integrity to meet compliance mandates, data governance, and improved customer satisfaction into the accuracy of their data.
Insurers with Guidewire® equally utilize Infogix for the same reasons and profess the value of standardized end-to-end analysis which follow the information flow through multiple systems rather than custom point controls between individual discrete systems. To ensure that a successful implementation of Guidewire® is accomplished, the use of automated analysis that are easy to configure and adapt to changing business needs removes the risk associated with semi-automated and manual controls that introduce error into the process.
Guidewire® Integration Points
There are a wide variety of integration points with any Guidewire® implementation to ensure that the data received is accurate and in the case where the data comes from external sources is in compliance with SLAs for data quality. Some of the possible integrations that are inbound and/or outbound include:
|Inbound and Outbound Controls||Outbound Controls|
|Customer Portal / Agent Portal||Document Production|
|IVR Systems||Legal Collections|
|Credit Card Verification||1099 Reporting|
|Bank / ACH||General Ledger|
|Enterprise Authentication||Check Issuance|
Regardless of the analysis type, the objective is to improve data quality. While 98-99% good data might not sound like an issue that warrants control, it’s the remaining percentage that can cost an insurer with flawed compliance reporting or worse yet, a customer impacting transaction that results in an incorrect policy, claim or billing statement.
We invite you to read more about how Infogix is an integral element of a Guidewire® installation in our data sheet and whitepaper to lower risk and ensure you achieve your business outcomes with trustworthy data.
Guidewire® is the registered trademark of Guidewire Software, Inc. Guidewire Software does not endorse Infogix or its products nor is Guidewire Software affiliated with Infogix in any way.