In this data-driven business environment, the insurance industry faces the challenge of managing data within its business applications ecosystem – often a complex web of applications with vendor versus custom-built, in-house solutions, across on-premises and cloud deployments.
This complexity quickly adds up and leads to difficult tradeoffs between resilience, data protection, security, and governance requirements for IT teams to manage, at a pace that can dictate the speed of getting work done in your business groups.
We believe a new offering within Moody’s Intelligent Risk Platform™ (IRP) will help mitigate some difficult tradeoffs.
Building a Resilient Data Management System
Each of your core teams manages the data within their applications, and they know that there is not an endless amount of storage availability within each application. To remedy this and free up storage for new data, any data not required for day-to-day operations is typically aged out and removed from the applications.
Nonetheless, there are numerous instances where historical data audits are necessary, requiring the retrieval of older, non-operational archive data. Due to such regulations, the insurance industry faces additional complexity, as many businesses are mandated to retain data for five or sometimes even seven years.
Human errors raise the prospect of daily emergencies such as accidental data deletions, ‘fat-finger’ errors, or destructive updates; users need an ‘undo’ button that isn’t always available.
All this means that building an efficient resilient data management solution that is scalable, cost-effective, compatible with today's cloud-based offerings, and does not hinder the operational efficiency of a business – is super hard.
Acknowledging the importance of addressing these critical challenges, a comprehensive solution will soon be introduced on Moody's Intelligent Risk Platform to offer enhanced archiving and operational data management to help better support IRP applications.
The solution will enable business teams to focus on their core activities while ensuring data management needs are efficiently handled.
Charting the Future of Data Management with an Intelligent Risk Platform
Our goal at Moody’s is to craft responses to the multifaceted challenges faced by the industry around managing their data. We recognize that firms grapple with the complexities of archived data lacking business context and the persistent threat to the integrity of the corresponding operational data.
This dual challenge undermines a firm’s efficiency and agility but also their capacity for innovation and growth.
By integrating advanced features such as metadata management, unified data architectures, one-click archive retrieval, and an API-based offering to support automation and seamless integration with the IRP, our solution promises to optimize data storage and retrieval – and uphold the highest standards of integrity and usability.
These enhanced capabilities will enable firms to efficiently visualize their archived data in a unified location within the IRP, to significantly enhance accessibility and scalability, allowing firms to maintain a competitive advantage in the increasingly digital marketplace.
Empowering Archives and Addressing Regulatory and Compliance Needs
The insurance sector operates under a complex web of regulations that dictate how data must be managed, stored, and protected. These regulations can vary significantly across jurisdictions and types of insurance, making compliance a challenging and dynamic task.
With our latest solution, we offer a robust response to these challenges:
1. Enhanced Data Governance with Metadata Management
Metadata provides detailed information about the exposure database name, server name, owner name, database size, the time it was created/archived, etc., which is crucial for audit trails. This traceability ensures that firms can demonstrate compliance with regulations, such as the GDPR in the European Union which require meticulous records of data handling practices.
2. Streamlined Regulatory Reporting with Unified Archived Data
A unified archive data structure consolidates data from multiple sources into a coherent framework, eliminating inconsistencies and gaps. This ‘single source of truth’ is invaluable for regulatory reporting, where the accuracy and completeness of information are paramount.
3. Proactive Compliance Management
Integrating metadata management and unified data not only aids in meeting current regulatory and compliance standards but also positions firms to address future changes proactively. With a more agile and transparent data management framework, firms can anticipate regulatory trends and adjust their practices accordingly, ensuring ongoing compliance.
The Transformative Power of Database Snapshots
Mistakes happen. Data gets corrupted. It's the nature of the digital world we navigate.
However, a real measure of a system’s resilience is in how quickly and effectively it can recover. This is where the database snapshots feature within this new offering shines. By maintaining accessible, recent database versions, snapshots enable a significantly faster recovery process with minimal data loss.
In data management, efficiency, and reliability are paramount, so let’s delve deeper into database snapshots, this new, innovative tool set to revolutionize how professionals approach data handling.
Snapshots are not just about capturing data periodically; they're about creating reliability along with enhanced data integrity, recovery, and accessibility.
Let's explore the multifaceted advantages it brings to the table.
1. Instantaneous, Time-specific Data Views
The ability to view automatically generated database snapshots as they existed at a particular time is nothing short of transformative. Where businesses rely heavily on accurate analysis generation using an accurate exposure database, new database snapshots will be a game-changer.
They allow for the extraction of historical databases without the risk of slowing down or interrupting the functionality of live databases. This means it empowers IRP users to access the database version the business would use in case of any data discrepancies, without compromising operational efficiency.
2. Streamlined Recovery Processes
With self-serve functionality listing all snapshots for a respective database with the time it was taken, it enables a significantly faster recovery process. Instead of laboring through the traditional, more cumbersome data restoration methods, IRP data administrators can leverage snapshots to roll back to a pre-error state with zero downtime. The impact on business continuity here cannot be overstated.
3. Cost-effective Version Control
The database snapshot approach to data storage is not just smart, it's cost-effective compared with more traditional mechanisms. For organizations that need to maintain historical data for compliance, auditing, or analysis purposes, the storage efficiency of snapshots can lead to substantial cost savings.
Conclusion
This solution offering for Moody’s Intelligent Risk Platform is set to launch. It is designed to meet the insurance industry’s unique challenges and position firms to proactively adapt to future changes, ensuring long-term success and sustainability.
By enhancing data governance, streamlining data for regulatory needs, and enabling proactive compliance management, the new solution mitigates non-compliance risk, transforming compliance into an area of operational excellence and competitive differentiation.
For additional details regarding the forthcoming innovative data management feature within the Intelligent Risk Platform, and its potential to revolutionize your data management needs, please reach out to us at sales@rms.com.
