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: Unlocking Transparency in Private Markets: Data-Driven Strategies in Asset Management

As asset managers continue to increase their allocations in private assets, the demand for greater transparency, risk oversight, and operational efficiency is growing rapidly. Managing private markets data presents its own set of unique challenges due to a lack of transparency, disparate sources and lack of standardization. Without reliable access, your firm may face inefficiencies,...

BLOG

Data Infrastructure Faces Stress Test as Private Credit Consolidation Beckons

By Charles Sayac, Managing Director EMEA West, NeoXam. A bout of consolidation unseen in the sector’s history may be on the cards for the private credit space – one that threatens to unearth a host of complex data challenges for the unprepared. A recent Carne Group report revealed almost all (96 per cent) of private debt managers...

EVENT

Data Management Summit London

Now in its 16th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Corporate Actions USA 2010

The US corporate actions market has long been characterised as paper-based and manually intensive, but it seems that much progress is being made of late to tackle the lack of automation due to the introduction of four little letters: XBRL. According to a survey by the American Institute of Certified Public Accountants (AICPA) and standards...