Willis Towers Watson has launched an updated version of its DataValidator technology, which reportedly helps P&C and Life insurers to use their data “more efficiently” by validating, cleansing and transforming data for use in financial modelling and reporting processes.
The group said that timely access to good quality data continues to be one of the most difficult challenges facing the insurance sector due to struggles with legacy systems and the demands of IFRS 17 and other regulatory timetables.
For insurers under pressure to achieve improvements in processes and efficiency across the whole enterprise, Willis Towers Watson said the enhanced features of DataValidator 2.2 now offer material benefits.
This includes a performance leap, with processing speed now between three and 20 times faster, which enables clients to deal with much greater volumes of data in a more efficient way.
It also includes a deeper integration with Unify, its business process management, governance, and automation technology, allowing users to more easily build end-to-end business processes, deeply embedding data validation and transformation into insurers’ workflows.
Tom Beasley, director and product lead for DataValidator, Willis Towers Watson, said: “DataValidator allows insurers to streamline the production of their data for actuarial and risk analytics calculations.
“The software solution is user-friendly, fitting neatly into any existing data process, and helps ensure high-quality data. This generates significant efficiency gains by capturing issues early in the process, thus avoiding unnecessary rework and manual adjustments.”