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Nationwide Insurance mis case
Nationwide Insurance's case summary highlights the challenge of scattered data and an inconsistent financial reporting system, which hindered accurate forecasting and budgeting. The company implemented a master data management solution over 24 months, leading to improved data consistency and significant business efficiency gains, including a reduction in the close of books time from 30 days to 19 days. Lessons from this case study suggest that similar data governance systems could benefit insurance companies in Nepal, despite differences in scale and operational complexity.
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Nationwide Insurance mis case
- 1. Presented By: The Learners’Club Nationwide Insurance: Unified Financial Reporting and “One Version of the Truth”
- 2. Case Summary • NationwideInsurance • Insurance and Financial Service Co. • In a span of 3 years • Appointment of the trio • CEO-Jerry Jurgensen • CIO- Michael Keller • CFO- Robert Rosholt
- 3. Case Summary • Goal •Make all BUs successful • Million $ business Billion $ Business • Problem • Scattered Data • Haphazard Financial Reporting system • Difficulty in forecast, budget and report
- 4. Case Summary • Solution •Master Data Management (MDM) • FOCUS (Faster On-line Customer-driven User-friendly Streamlined) • Tool sets • IT Team Leader- Vikas Gopal • 24-month • SUCCESSFUL
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- 6. Motivation • To understandMDM and Data Governance • To check “Unified Version of the Truth” • Challenge of Big Data • To fulfill Course Objective
- 7. • Question 1 •Expertise and Experience of the TRIO • Proper Planning & Systematic Implementation • Strict adherence to Project Plan • Pro-activeness -Change Management
- 8. • Question 2: Difficulties and Scenario • Non-unified, Inconsistent Data Management System • Organizational Growth and diversified data • Employee Resistance General Ledger 14 Applications 50 Sources of Financial Data 240 Financial Reporting Language Multiple No of Employees 36000
- 9. • Question 3: Business Value • Data Consistency, Unification & Synchronization • Data Governance • Accurate Picture of the Co. Whenever wanted • Time, Effort & Money Saving • Competitive Advantage Total Regional
- 10. • Question 3: Examples • Close of Books 30 Days to 19 Days • Installation of Geography-based Reporting Structure • One region to another 9 Months to A few days • Cost of IT • Forecast and Budget (Possible No of Death Claims for next year) • Goal Achievement $1.1 bn (2005) and $2.1 bn (2006)
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- 12. Nepalese Context • Isthere similar systems in Nepal? • Yes and No • Similarities • Centralized Data Integration • Data Retrieval System (E.g. CTBN Pumori IV) • Differences • Scale of Operation (Large Vs Small) • Kalido and Teradata
- 13. Nepalese Context • Recommendations •Insurance Companies in Nepal (E.g. NLIC, Prime Life Insurance, etc.) • Telecommunication • Banks like (E.g. KIST Bank, Nabil Bank, etc) • Reasons • Geographical Spread • Scale of Operations
- 14. Nepalese Context • Lessonsfor Nepal • Understanding by Employees • Change Management • Nepalese Insurance Company “I’ve got a very simple system and we’ve been working on this for 15 years. Why are you disrupting my life? (Employee)...” Roshalt (CFO)
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