Design of a data governance framework

Expert: Michael Scharpf

Industry: Finance & Insurance

Area: Finance & Controlling

By implementing an effective data governance framework, we supported a global reinsurer in its digital transformation.

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Digitalisation ambitions of a global reinsurer

In the past, a client was faced with the challenging task of significantly optimising the forecasting accuracy of its business management functions. This applied in particular to the critical area of Financial Forecasting. It was not only important to improve accuracy, but also to improve the entire forecasting process to automate for future cost forecasting. This automation should provide more time and resources for the company's analyses.

Development of a comprehensive data governance framework

One of our valued partners, a globally active reinsurer, approached us with the objective of expanding its Digitalisation strategy comprehensively based on available data sources to expand. While the intention was to use both existing and innovative data sources from internal and external channels, the company lacked a solid data governance framework.

This framework was indispensable to ensure a consistent, Group-wide data governance to establish. The challenge was to define clear structures, responsibilities and processes relevant to both business and technical aspects.

Successful transformation through structured data control

Through our customised and practice-oriented solution, a centrally established Data governance organisation with clear roles, responsibilities, processes and structures are implemented. This newly implemented data governance framework now serves as the driving force for the digital transformation of the company.

Even more significantly, it is the Digital participation of employees facilitated and supported. This sustainable change has enabled our partner to strengthen its position in global competition, optimise business processes and lay the foundation for future innovations.

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Your expert

Michael Scharpf - Key Account Manager

Michael Scharpf

Key Account Manager | Alexander Thamm GmbH