Ventiv Technology

Y ou know the importance of data— both what you store within internal core systems, ancillary systems, and data warehouses and what is managed by external third parties. This data is the lifeblood of your insurance enterprise, used to support core operations across policy, billing and claims processes as well as for monitoring the business, creating new products and programs, satisfying client needs and fulfilling regulatory requirements. You know how critical it is to ensure that all of your data is consistent and can be made available in the format and context that can best help to effectively process claims, payments, and regulatory reporting as well as service clients, brokers and agents, and internal customers. You also know that this kind of data management can be a distraction from your organization's core business processes, and that it takes an extraordinary amount of time and effort to get it all right and on time. Ventiv Technology's Data Transformation services can address your data challenges and help you gain the competitive advantage that is so critical in today's market. Your Data Challenges Eliminate distractions Although it's an important business function, data consolidation and processing can divert your attention from your organization's core focuses. Addressing huge data volumes from internal and external sources requires a significant investment and can be a drain on IT resources. Since this is not a core function of most insurance entities, it isn't always prudent to invest and reinvest in the latest, best tools. Then it becomes a struggle to manage data effectively and cost-efficiently. Let Ventiv take on this responsibility while you focus on setting your organization apart in the eyes of your customers and the market at large. Improve data KPIs Managing relationships with the third parties you utilize is time-consuming enough without constantly having to resolve data issues. As your organization's data transformation partner, Ventiv engages and interacts with these entities to address these matters so you don't have to. We measure data quality and other key performance indicators to ensure that they are meeting all the data benchmarks you establish for your organization. Ensure compliance Today's regulatory landscape is becoming increasingly more difficult to navigate. Exposure, fines and penalties are on the rise, and having access to credible, meaningful data is key to accurate reporting and maintaining compliance. With Ventiv's Data Transformation services, compliance is about more than just prevention. It's also about navigating opportunities, which we can help you identify. Data transformation, defined: The intake and processing of huge volumes of data, by or for insurance entities, from multiple, disparate sources, including but not limited to third-party administrators, business partners, mergers and acquisitions. Key actions include the repeatable aggregation, reformatting and standardization, and streamlining of data, which is then subjected to data- manipulation rules. The final products are data sets that the organization itself can use for its own purposes and/or distribute as appropriate to third parties and regulatory agencies.

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