Insurance is an important safety net to have. Whether you are protecting your car or even insuring your small business, having the right insurance policy gives you peace of mind. However, you may fear getting lost in an ever-growing system depending on your insurance provider. Thanks to reference data management, or RDM, those fears can be allayed.
RDM and Car Insurance
Reference data management is the process of managing classifications across systems and business lines. This includes performing analytics on reference data, tracking changes, and distributing that data. By setting policies and frameworks to manage both internal and external data, companies can effectively rely on RDM solutions. This allows consumers to find the insurance policy that is right for them, while properly exploring coverage options available.
For example, car insurance companies rely on RDM to maintain the hierarchy of their clientele depending on their level of coverage. While compulsory third-party insurance, or CTP, is mandatory in Australia to be allowed on the road, some drivers will look into auto insurance quotes for a greater scope of protection. Comprehensive car insurance covers the cost of repairs to your vehicle in the event of accidental or malicious damage, theft, and fire, regardless of fault. Third-party property coverage handles property damage or damage to another vehicle in a crash, while third-party fire and theft car insurance coverage extends the protection of your vehicle in the event of those incidents. Some collision coverage will provide extras in comprehensive coverage, ranging from roadside assistance to personal injury protection.
RDM and Homeowners’ Insurance
RDM can actually come in handy in keeping track of business transactions and business entities, which can come in handy in homeowners’ insurance. Master data management allows for an insurance company to use systems built around a single platform with specific coverages that may be needed for your homeowner’s insurance policy.
Reference data management centralizing consistency and compliance across platforms. This helps insurers to access, distribute, and update reference data to meet the needs of the moment. Effective RDM can bring together an insured party’s personal information to a provider’s attention just by a phone number. With security options for data governance, homeowners can feel like their policy is the only policy being looked after with a personal touch. Insurance companies are able to defer to reference code tables and hierarchies to map relationships with the insured party and their values. This not only provides peace of mind for the insured, but that reference data can expedite application systems for additional coverage or changes to the current homeowner’s insurance policy.
RDM and Health Insurance
Defining master data is critical in health insurance to manage two sets of data points. Identity data, which keeps track of patients and providers, along with reference data, includes links to resources available through your health insurance company. Master data management assures a single point of reference, as MDM comprises the data governance, processes, policies, and tools to allow an insured person easy interaction with their healthcare provider and their insurance provider alike.
Health information exchanges allow for successful information delivery. Think of the patient portal you may have through your doctor. This allows for different ways to access personal data ranging from blood tests to x-ray results, keeping everyone on your health care team who is within that hospital system in the know on your conditions. By having these reference data sets, it’s easy to maintain a standard of data quality in dealing with health insurance companies. This allows insurers to collect information in a timely fashion regarding claims while keeping a personal touch and quickly reach solutions whether the insured is a new customer or a longtime partner.