Simplify Integrations and Data Governance with New Integration Data Manager
For insurance IT teams, seamlessly integrating third party data with core systems can be challenging. According to McKinsey, insurers struggle to take full advantage of ecosystems, with legacy technology and disconnected systems that complicate data integration.
The new Integration Data Manager for InsuranceSuite provides a turnkey solution to securely store external data for easy access across your technology landscape.
Common Use Cases
The incorporation of third party enrichment data usage is a common use case in InsuranceSuite integration. Typical examples across data enrichment include driver information, MVR, police reports, credit reports, and telematics to name a few. And for third party analytics, use cases could include fraud scoring and total loss assessment. Insurers and partners want to display this third party data and write business rules against it, but it is a challenge to do so if it is part of the InsuranceSuite core data model.
With Integration Data Manager, insurers can create centralized data pools outside of the core InsuranceSuite data model to hold structured JSON documents from third-party sources. This makes integrating external data frictionless without complex data model extensions.
Typical Integration Challenges
As a backdrop to why Integration Data Manager was built in the first place, the following are typical problems IT teams encounter when integrating third-party data:
Fragile point-to-point connections that break easily and are difficult to maintain
Lack of data harmonization or normalization resulting in duplicates and inconsistencies
Poor data governance with external data corrupting or cluttering core systems
Performance impacts from querying and processing inefficiencies
Scaling difficulties as data volumes and sources increase over time
The expense for customers and partners extending the core data model for all third party data
The Benefits of Integration Data Manager
As a result of these problems, Guidewire has focused on ensuring that Integration Data Manager offers the following benefits for use by insurance and third party IT teams:
Store disparate external data in one place for easy access across applications.
Remove the need to directly integrate every downstream system.
Abstract third-party dependencies away from the InsuranceSuite core system
Improve Data Governance
Apply policies to third-party data like retention periods without affecting core system data.
Protect core data models from changes, outages, etc. in external systems
Consistent data management and security controls for internal and external information.
Enhance Developer Experience
Intuitive tools provided to ingest, manage and consume third-party data.
Ability to define data pools, schemas, retention policies, and access controls.
Make updates easier and more streamlined because the data is externalized.
With Integration Data Manager, insurers can reduce integration headaches, implement robust data governance, and give developers an agile way to leverage external data sources – key needs for insurance IT leaders.
To learn more about simplifying integrations and governing third-party data with Integration Data Manager, schedule a demo today.
Integration Data Manager is part of the Hakuba cloud release. I invite you to watch the Hakuba Release Highlights or visit the Hakuba website to learn more, including the full details of the release such as additional new features, videos, media announcements, and a form where you can sign up to be kept informed for the next release.