About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Institutions and Vendors Need to Carefully Agree on Metrics as a Scorecard for Performance

Subscribe to our newsletter

During this afternoon’s vendor/client double act, Tommy Drummond from vendor Informatica and Benjamin Gavin from insurer Norwich Union explained the benefits of a scorecard against which to measure data quality. They demonstrated to FIMA delegates the benefits of clear data quality metrics via a practical case study.

The metrics and targets for projects must be carefully defined via KPIs to allow institutions to judge whether projects have met their goals, they explained to the delegation. Norwich Union has recently completed the four week implementation of a database consolidation project, which Gavin, who is change consultant at Norwich Union, said has resulted in significant savings.

The insurer decided to use Informatica to help it to consolidate two databases containing client information, following its merger with another insurer. “We had anecdotal evidence that there were a lot of duplicate records but this was not easily measurable,” explained Gavin. “We therefore decided to move onto a single platform and consolidate all the data contained within both systems.”

From the proof of concept onwards, Norwich Union focused on identifying what they needed from the vendor, including defining the specific matching rules. The project resulted in a 58% reduction in duplicative records and significant reduction in operational costs, Gavin said. “There is more standardisation going forward and the process is much easier to deal with, including audit better controls due to increased STP,” he claimed.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Unpacking Stablecoin Challenges for Financial Institutions

The stablecoin market is experiencing unprecedented growth, driven by emerging regulatory clarity, technological maturity, and rising global demand for a faster, more secure financial infrastructure. But with opportunity comes complexity, and a host of challenges that financial institutions need to address before they can unlock the promise of a more streamlined financial transaction ecosystem. These...

BLOG

Data Fabric vs. Data Mesh: 10 Companies Provisioning Modern Data Architectures for Enterprise AI

As institutions absorb ever greater volumes of data to meet their increasingly complex operational needs and those of regulators, they face a dilemma of how to store and distribute that critical information. Fragmented legacy systems have long been an impediment to the smooth management of data and now corralling multiple-cloud configurations can be added to...

EVENT

RepRisk Sustainability Breakfast Roundtable London

The London sustainability breakfast is part of the global roundtable thought leadership event series hosted by RepRisk in key markets, including, New York, Toronto, London, Frankfurt, Oslo, Copenhagen, Stockholm, Hong Kong and Singapore in 2026.

GUIDE

Complex Event Processing

Over the past couple of years, Complex Event Processing has emerged as a hot technology for the financial markets, and its flexibility has been leveraged in applications as diverse as market data cleansing, to algorithmic trading, to compliance monitoring, to risk management. CEP is a solution to many problems, which is one reason why the...