Data solution of the year, Willis Towers Watson's DataValidator
Data quality continues to be a major challenge facing insurers today. Ever-expanding data sources, formats and volumes place greater onus on the end-user to develop data transformation rules, which are increasingly complex, require greater programming skills and are eventually more difficult to validate for audit.
Willis Towers Watson's DataValidator wins the award for data solution of the year for its intuitive application, comprehensive reporting features and extensive functionality across all types of source data.
The software is currently deployed in some of the largest global insurance companies. Unlike traditional database and script-based solutions, which require some degree of programming and sophistication, DataValidator walks users through a predefined process-flow.
Indeed, the use of a single, cohesive platform across the business has helped remove reliance on legacy methods for actuarial and IT teams grappling with the increased demands of data use.
The product has extensive functionality to assess and report on the quality of all types of source data, including flexible data cleansing functionality.
One client, a closed-book manager with books and administration systems covering over 900,000 policyholders, used the software to achieve over 2,500 checks to assess the accuracy and completeness of data. The software resulted in a 700% increase against existing processes, and a 70% reduction in the number of processes needed to achieve model-ready data.
Increased transparency of process, easing future maintenance efforts and providing visibility to senior management are some of the strengths that have won the software this year's award.
Corporate statement: Future automation