This ITL article by Joe Gaska, GRAX CEO, discusses why data ownership is key to helping insurers balance digital transformation needs with increasing compliance requirements
A recent report by Accenture revealed that digital transformation was challenging for insurers during the pandemic as they struggled to meet demands for sales and service while working remotely. Now, with the shift toward cloud infrastructure and applications, minimizing risk and protecting data integrity and privacy is increasingly important — and the insurance industry is seeing more data security and privacy regulations implemented. In this article, Joe shares how insurers can balance new digital transformation efforts with increasing compliance requirements – and why data ownership will help.
- Insurers need to access SaaS data for analytic purposes, which involves downloading, making copies, and storing it in their own folders. This creates a data sprawl that is dangerous for compliance.
- Where data is stored is critical to how accessible, secure and auditable it is, which is why organizations should store data in their owned cloud infrastructure instead of keeping it in SaaS vendors’ environments.
- Data ownership not only helps insurers decrease risk and liability, it can also drive organizational growth.
Read more in this Insurance Thought Leadership article, Balancing Digital With Compliance.
Ready to adapt faster?
Learn how GRAX can help support BOTH your compliance and digital transformation needs.