Consider the traditional recipe for insurance financial data management projects.
- Allocate a big budget.
- Assemble an army of people, both internal developers and managers, and external consultants.
- Define the scoping, parameters and specifications for the modeling, analysis and reporting.
- Build out the software.
- Try to integrate the data collection and consolidation across many different data sources and groups.
- Resort to messy manual processes and workarounds when the integrations fails.
- Discover the model is deficient and go back to the drawing board to start again.
- Allocate another big budget …
Meanwhile, a year has passed and your business managers are not really any closer to working with the efficient, high functioning data management process they need.
Why do so many data management projects follow this recipe that wastes so much time and money?
The primary reason is that they do not incorporate modern design and development utilizing highly flexible cloud technologies.
Instead of years of design, implementation, and rework required for traditional coding and system buildout, modern cloud development can produce an operational data management process using real data in weeks.
The Systemorph Vertex platform utilizes state-of-the-art cloud technologies to address the three main challenges that cause financial data management projects to drag out or fail altogether.
First Challenge: Rigid Modeling & Upfront Specifications
Defining the model in traditional data management software development involves many hours at white boards, iterating on model parameters, conceptually testing and re-testing the model with dummy data.
That’s because once the model is defined, it is effectively carved in stone. All the coding and integration work to follow will be based on implementing that model. So the model development process attempts to validate the model as much as possible before a single line of code is written.
Similarly, the system specifications and requirements – detailing everything from data source integration to user inputs to calculation to reporting – must be defined as granularly as possible before coding begins.
The result is an inflexible, rigid system that can’t be adapted to changing environments or modified easily when business needs change. Further, if a mistake has been made in defining the model or specifications, the project must take several steps back or be re-started altogether.
The Vertex Platform overcomes this challenge by utilizing cloud-based technologies that eliminate much of the upfront coding and permit changes to be implemented and applied even after the system is operational.
The result is very flexible modeling that can be configured and managed with a very simple interface, as easy to use as a smartphone app.
Further, specifications and system requirements can be modified as required, permitting rapid iteration, testing and evolution of the system as conditions require.
To put it simply, the flexibility of theVertex platform means nothing in your data management system is carved in stone.
Second Challenge: Difficult data collection and integration across groups
Data needed for decision-making resides in many different hands across the organization. For even a modest sized financial services company, there may be dozens of reporting units producing data that needs to be incorporated and evaluated.
But integrating that data can be a major challenge. Data sources are inconsistent or may not have the proper interfaces configured. Many of the teams may use manual data recording and reporting. The level of granularity may vary across different groups and sources.
Building out traditional hard-coded systems to integrate these systems, consolidate the data and process it based on the defined model becomes a huge investment of time and resources. Even then, many of the inputs will require workarounds and unwieldy manual processes.
Systemorph Vertex breaks from this tradition by creating cloud-powered business processes operating in parallel to provide comprehensive, highly efficient data collection and consolidation.
Vertex breaks each reporting process down into data packs that are then scheduled into parallel business processes. Multiple concurrent workflows guide the delegation, tracking, reporting, review and sign-off of data packs. Data is deployed in the correct sequence to the central business process.
The result is a highly efficient processthat simplifies and guides data collection, reporting and aggregation acrossall the groups in the organization.
Third Challenge: Armies of people
Perhaps the most glaring problem with the traditional approach to data management system development is the huge number of people – including business managers – that are required to design and implement them.
Because the specification and modeling defined at the start will be rigid and inflexible, the design stages are necessarily very time intensive, eating up many staff cycles of business managers to validate, adjust and re-validate them.
Throughout the implementation phases, similar validation, testing and troubleshooting will consume the time of business managers.
After the system is operational, business managers face further distraction, as they must implement workarounds, overcome system problems with manual steps, and otherwise deal with making an inflexible hard-coded system work in the real world.
In short, the business managers are spending their time focused on a technology matter, not on meeting business objectives.
Systemorph Vertex does away with the time-eating steps.
The cloud-powered platform allows modeling and specifications to be rapidly defined and then changed later, without requiring endless cycles of analysis and validation up front.
System development and implementation is possible with only lean project resourcing. Because business managers can conduct rapid iteration or change models on the fly, they can focus their time and attention on business needs, not on underlying technology.
The Four Week Proof of Concept: Real Data, No Waiting
The Systemorph Vertex platform enables a tailored data management solution to be deployed in your environment, operating with your real-world data, in as little as four weeks.
By using cloud technology to integrate datasources and engage users, the products built on Vertex can be quickly adapted to any insurer’s environment and objectives.
The result is enterprise grade data management capabilities without the drawn-out, very expensive software coding and customization projects.
The Vertex platform and our products are SaaS-Plus solutions. That means they are delivered to you asSoftware-as-a-Service, with a predictable, transparent subscription fee.