Vast amounts of data collected by insurers is scattered ineffectively across different platforms, turning it into a liability rather than an asset, Xceedance says.

Critical information is on spreadsheets, emails and separate databases, and staff need to re-enter and check the same data in multiple places, according to the insurance technology group.

“Being able to harness and extract intelligence out of the data is where the challenge lies,” Xceedance VP Husain Parvez said.

“The data is often fragmented – it lies in different systems, different formats, and that poses a big challenge in terms of making that data available, consolidating and processing it in the right way for the business.

“If we solve the data fragmentation problem, we unlock the ability to deliver real impact and real value to the business.”

Xceedance says its Insurance Data Platform connects policy, claims and financial data, integrates information from disparate systems and formats, and includes an analytics layer that standardises metrics for more consistent reporting.

Many insurers adopt specialised tools to solve individual problems, but this leads to disconnected technologies, Xceedance says. Inconsistent data formats also undermine confidence in regulatory reports and decision-making.

The tech group says establishing a centralised data system creates a reliable foundation for analytics, faster renewals, improved responsiveness, stronger compliance and deeper insight.