Global Insurer Partners With EncompaaS

Overview

One of the world’s largest global insurers is leveraging its extensive volume of data to reduce risk, lower data management costs, and better protect its customers by adopting EncompaaS’ intelligent information management platform.

Challenge

A global insurer raised a mandate at board level to address the growing challenge of redundant, obsolete, and trivial (ROT) data and over-retained information. The organisation’s ROT data was causing an increase in storage costs, regulatory compliance risks, and general inefficiencies relating to data management, such as difficulties finding valuable information quickly, leading to slower decision-making. They had previously failed at internal initiatives to discover, classify, and manage structured, unstructured, and semi-structured data across all repositories, due to human error, resource limitations, and lack of a valid disposition process.

Key Pain Points

Storage Costs

The accumulation of redundant and obsolete data significantly increased storage expenses, impacting the organisation’s budget.

Compliance Risks

Over-retained information and a lack of personal data visibility heightened regulatory compliance risks, as the organisation struggled to manage data retention policies effectively.

Data Inconsistencies

Disparate and outdated data led to inconsistencies across systems, impacting data quality and reliability.

Inefficient Decision Making

Difficulty in locating valuable information quickly resulted in slower decision-making and hindered business agility.

Increased Security Risks

The presence of unnecessary data expanded the attack surface, increasing the potential for data breaches and security incidents.

Manual Processing Time

Employees spent excessive time manually sorting and managing data, diverting resources from more strategic tasks.

Missed Opportunities

Valuable insights were often overlooked due to the overwhelming volume of data, leading to missed business opportunities.

Solution

EncompaaS was selected following a competitive RFP and POC process, due to enabling long-term information governance across the organisation globally. EncompaaS’ intelligent information management platform supports the discovery of unknown data, classifying it from a business perspective so that ROT data can be deleted or disposed of in a compliant manner. Using EncompaaS, the insurance company successfully identified and deleted ROT data without impacting the business or suffering data loss, achieving the risk mandates raised by the board. In addition, the organisation is now able to understand and manage their unstructured data in line with information management and governance policies. This means they’re able to leverage all their enterprise data, uncovering new business value.

The next phase of implementation will focus on fast-tracking the adoption of EncompaaS’ Intelligent Document Processing solution. This will enable the organisation to automate the extraction of valuable data and insights from complex documents and contracts, so this information can be utilised to automate lifecycle management processes.