Data forms the foundation of the modern insurance industry, where every operation relies on digitized systems, including risk assessment, policy underwriting, customer service, and regulatory compliance. Given this reliance, insurance companies must process and manage data effectively to gain valuable insight, mitigate risks, and streamline operations.

Every digital interaction generates data. This data can provide invaluable insights and drive effective decision-making when managed effectively. . However, according to a survey, up to 68% of data within an enterprise remains unused, representing an untapped resource for driving business growth. One way of unlocking this potential lies in two critical concepts: data governance and information governance.

A data quality framework is a set of guidelines that enable you to measure, improve, and maintain the quality of data in your organization. The goal is to ensure that organizational data meets specific standards, i.e., it is accurate, complete, consistent, relevant, and reliable at all times—from acquisition and storage to subsequent analysis and interpretation. eBook: A Guide to Data Quality Management Download eBook.

Data completeness plays a pivotal role in the accuracy and reliability of insights derived from data, that ultimately guide strategic decision-making. This term encompasses having all the data, ensuring access to the right data in its entirety, to avoid biased or misinformed choices. Even a single missing or inaccurate data point can skew results, leading to misguided conclusions, potentially leading to losses or missed opportunities.

Working with large volumes of data requires effective data management practices and tools, and two of the frequently used processes are data ingestion and ETL. Given the similarities between these two processes, non-technical people seek to understand what makes them different, often using search queries like “data ingestion vs ETL”.

A data catalog is a central inventory of organizational data. It provides a comprehensive view of all data assets in an organization, including databases, tables, files, and data sources. Efficiently managing large amounts of information is crucial for companies to stay competitive. This practice is especially applicable to large organizations with scattered data.

Organizations rely on high-performance data warehouses for storing and analyzing large amounts of data. An important decision in setting up a data warehouse is the choice between Star Schema vs. Snowflake Schema. The star schema simplifies the structure of a database by directly connecting dimension tables to a central fact table. The star shaped design streamlines data retrieval and analysis by consolidating related data points, thereby enhancing the efficiency and clarity of database queries.

Considering BigQuery vs. Redshift for your data warehousing needs? This guide is for you. Both BigQuery and Redshift stand as leading cloud data warehouse solutions each offering a multitude of features catering to multiple use cases. Google’s BigQuery offers seamless scalability and performance within its cloud platform, while Amazon’s Redshift provides great parallel processing and tuning options.

According to a study by Statista, the cloud storage market was valued at $90.17 billion in 2022 and will reach a value of $472.47 billion by 2030. These figures indicate a growing shift toward cloud computing and data storage solutions. A typical scenario in modern data management involves data transfer from cloud storage to cloud-based computing platforms. Amazon’s Simple Storage Service (S3) is among the go-to options for the former, and businesses trust Snowflake for the latter.

Data governance refers to the strategic management of data within an organization. It involves developing and enforcing policies, procedures, and standards to ensure data is consistently available, accurate, secure, and compliant throughout its lifecycle. At its core, data governance aims to answer questions such as.