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Data can be an asset or a liability for insurers. When customer data is complete, accurate and available across the organization, transformational outcomes are achievable from improved engagement and retention through to innovative new product development as a direct result of understanding changing customer needs.

But when data is scattered across various fragmented silos of the organization, insurers risk reputational damage and the financial impact of regulatory non-compliance. Knowing your customer is essential to ensure that you can confidently and efficiently report to the regulators and whilst engaging with clients in the right way at the right time based on their communication preferences.

Be sure you have the complete picture when it comes to your customers in order to:

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Reduce the burden of regulatory reporting.

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Understand and comply with customer communication preferences.

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Remain aware of your complete exposure to customers.

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Improve underwriting accuracy.

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Improve claims management processes and tackle fraud.

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Reduce customer complaints and mitigate reputational damage.

Moving Beyond the Regulatory Stick

In this whitepaper, Nicola Askham, The Data Governance Coach, explains why the threat of regulatory non-compliance has made data improvement a boardroom priority for insurers. This paper provides guidance on how to inspire key stakeholders to embrace the concept of creating a single customer view so as to drive value far beyond meeting regulatory compliance measures.