Our client operates as a global specialised insurer. They are headquartered in the UK and provides professional indemnity and other services for its international membership base across nine distinct global regions), while managing an investment portfolio of approx. £2.5bn.
Data is integral to the business to run the operations and to effectively control insurance risk. It is also important to maintain effective privacy, security and governance controls to protect the sensitive data processes.
Challenge
The data and analytics department had been operating with legacy technology and operating reactively to business demands. Traditional needs where being met, but there was an ever-increasing k of catastrophic failure.
There was no clear vision in place or strategy to engage wider the business and deliver a platform to meet the future needs. Basic governance was in place but was relying on manual processes and best endeavours, creating risk within the estate.
Solution
Mason Advisory performed a 4-week rapid assessment of the data function followed by a 4-week period to provide a data and analytics vision and a high level 3-year roadmap.
Mason Advisory directly engaged key consumers of data to understand the gaps in current provision. This was performed alongside detailed technical and operating model assessment or the current offering.
This produced a summary which showed that a lack of focus and investment in data had led to an inefficient operating model. As is processes involved significant manual effort and the team setup lacked the ability to drive constant improvement.
To form the target vision, Mason Advisory worked to identify key areas of opportunity and developed technical and operating model recommendations to support this. This focused on a building robustness in to the processes to support quantitative analysis and forming centres of excellence to support self-service analytics and insight throughout the organisation. In addition, tactical initiatives were identified to improve data governance and reduce duplication of data and activities.
Outcome
Clear immediate initiatives have been documented to provide short term efficiency benefits in addition to providing an improved and simplified data platform to drive future innovation from. A newly appointed head of data and analytics now has a blueprint of key initiatives to undertake to drive a clear vision for data.
A large project which would have had large negative implications for the data landscape has now been reshaped to ensure that key data and analytics elements are considered both tactically and strategically.
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