Best data solution: Willis Towers Watson, DataValidator
The effective use of data is crucial for every insurance business, but disconnected systems can also lead to processes where data becomes mired in silos, and the same customer is registered in different systems.
This means insurers can be faced with a large number of separate transformation and validation processes, and the associated risks and time delays on tight reporting timetables.
Willis Towers Watson's DataValidator software enables companies to produce full audit trails necessary for strict audit control and governance of financial modelling and reporting processes.
Unlike traditional database and script-based solutions, the data solution guides the user through each stage of the process, providing detailed audit reports on the findings of each step.
InsuranceERM's judging panel praised DataValidator as being highly relevant for the industry's main challenges.
They also praised the clear and practical benefits achieved by the solution, such as the use of a single, cohesive platform across a business to ensure a consistent approach throughout and remove reliance on legacy approaches.
It's well known that an insurer's financial modelling and analytics ultimately reflect the quality and completeness of the data feeding into them.
Willis Towers Watson's DataValidator is the winner because it helps achieve data quality early in the process to avoid unnecessary rework and manual adjustments.