Property and casualty insurers require a comprehensive end-to-end approach to confirm that 100 percent of the data flowing into and out of core systems are analyzed, ensuring that all of the data is accurate.
Naperville, Ill (PRWEB) April 20, 2016
Harford Mutual, a provider of property and casualty insurance products for business owners and their companies, has selected Infogix, a leader in helping companies provide end-to-end data analysis across the enterprise, to ensure data quality for their Guidewire core system transformation, and to automate balancing and reconciliation of its finance systems.
According to insurance analyst firm, SMA, 45 percent of insurers are transforming existing systems and processes as a necessary modernization effort. Transforming legacy systems is one of the most difficult challenges insurers face today because of the cost and concern over the accuracy of the data migration and the complex data lineage that new core systems must interface with to ensure continuous operational data integrity. Infogix’s Enterprise Data Analysis Platform validates the accuracy between the legacy system and new system, and provides checks and balances between the source systems and the core system to identify bad data early when it’s less expensive to remediate.
Infogix will build standardized and automated controls for Harford Mutual so as data moves across their entire enterprise, it will automatically verify, balance, reconcile, and track information against sources, processes, systems, platforms, and lines of business, decreasing risk and cost, ensuring compliance, and improving financial reporting accuracy. The initial phase will be reconciling data between Guidewire ClaimsCenter, PolicyCenter and BillingCenter and the data warehouse and general ledger. Future phases include plans for Harford Mutual to use Infogix controls for all integrations into and out of the Guidewire InsuranceSuiteTM.
“Property and casualty insurers require a comprehensive end-to-end approach to confirm that 100 percent of the data flowing into and out of core systems are analyzed, ensuring that all of the data is accurate,” said Paul Skordilis, executive vice president at Infogix. “With our Guidewire expertise, we have full confidence Infogix’s end-to-end data analysis platform will ensure validity of data, and provide Harford Mutual with real-time dashboard visibility and accurate financial reconciliation and balancing reports.”
Among the elements that influenced Harford Mutual’s decision to choose Infogix was its ability to improve data quality, ensure effective transaction monitoring, provide balancing and reconciliation, support compliance and streamline audit time.
“Infogix’s industry-leading solutions allow us to free up valuable resources from the tedious process of manual balancing and reconciliation activities,” said Steve Fabian, vice president and CIO at Harford Mutual. “Their flexible balancing rules, comprehensive balancing checks, and powerful detailed reconciliation features will enable us to meet our aggressive growth goals for 2016 and beyond.”
The Infogix Enterprise Data Integrity Solution works directly with existing business data in a standardized way, regardless of the underlying computing platform. The solution provides peace of mind for insurance organizations through automated real-time data analysis that applies business rules and advanced algorithms in complex core system implementations to ensure maximum data integrity. The solution can be deployed on premises or on the cloud, providing insurance organizations the security, performance and scalability needed with modern system conversion.
To learn more about Infogix visit http://www.infogix.com.
About Infogix, Inc.
Infogix helps solve business challenges by analyzing data as it moves through complex business environments to improve the customer experience, corporate profitability and operational efficiency. The Infogix Enterprise Data Analysis Platform improves data quality, ensures effective transaction monitoring, provides balancing and reconciliation, identifies and predicts fraud and customer behavior. Infogix provides best-in-class solutions that seamlessly integrate into operations and allow clients to manage highly complex, data intensive business environments. By analyzing, processing and monitoring 100 percent of data in real-time or in batch, Infogix is able to provide proactive and actionable intelligence to manage operational workflows and steps. To learn more visit http://www.infogix.com or @Infogix.
About Harford Mutual
The Harford Mutual Insurance Company, founded in 1842 in Harford County, Maryland, provides property and casualty insurance products and services to a regional market. Our efforts allow policyholders to conduct their business and personal matters with the knowledge that they are protected by a financially-strong and established insurer. We strive for profitable growth through a commitment to individualized customer service and by providing the independent agent with a stable market for quality insurance products. To learn more visit http://www.harfordmutual.com/.