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Companies often have multiple policy, claims and accounting systems. They may be part of a group of companies that have their own systems. Often, this creates silos of information with various meanings to the data. Quote data, CRM data, and workflow data locked in imaging systems, are further examples of information that can be made available to integrate with traditional data and metrics for a more complete view of business health and opportunity.
A strategic differentiator for insurance companies today is the ability to tap into external (3rd party data sources) to merge and enrich the capabilities of their own information. The challenge here is understanding the meaning (context) of that external data and ensuring it matches the internal definitions, and then having a place to store it that can be easily accessible.
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