DataFlux, a provider of data management solutions, today announced that QBE, a business insurance specialist with operations in 18 European markets, has selected DataFlux technology to help it improve the quality of data within its European data warehouse and to enhance its data migration process for systems consolidation.
QBE will use DataFlux technology to standardise, improve and control data relating to its network of partner brokers, policies, claims and direct enterprise customer base. These improvements will enable QBE management to trust the results of data analysis and allow them to make improved business decisions based on more accurate data.
The DataFlux solution will be used to support a systems consolidation programme allowing QBE to effectively profile and analyse data in source systems to identify and correct data inconsistencies prior to data migrations. The implementation will deliver significant advances in operational efficiency by allowing QBE staff to automate and create new business rules to govern data within a single graphical user interface.
Solvency II regulation mandates that European insurance firms accurately report on financial results and liabilities as well as the processes used to measure capital adequacy. The DataFlux platform provides QBE with a foundation to control business processes, data governance procedures and regulatory reporting.
Matthew Gouldstone, managing director of change and technology at QBE European Operations said: “At QBE, data management is viewed as a strategic priority. It’s important that our management teams are making the most effective decisions based on trustworthy data.” He continued: “DataFlux technology allows us to monitor and visually report on metrics relating to our data asset that are easily understood and trusted by our lines of business.”
Colin Rickard, EMEA managing director at DataFlux added: “Solvency II regulation mandates a data management framework must be in place by 2011, so time is running short for many insurers. By establishing metrics and reporting to its Information Governance Committee, QBE is taking a proactive and governed approach to managing its data.”