The finance close process is a key accounting activity in Property & Casualty (P&C) insurance. It is notably complex and time consuming. As regulatory oversight grows, the data associated with the process is also swelling. Insurance companies need to look for ways to manage this data - along with data for several other processes that are spawning billions of new data points.
In the insurance industry especially, every record is becoming critical. These data points must be accurate, verified, captured and stored so that the records are available when required for disclosure or analysis. This is where traditional data management techniques fail in the industry.
It is illogical to keep adding servers and disks to store the increasing volumes of data. The colonies of servers just don’t have the performance levels required when it is crunch time. Today, data needs to be retrieved and processed in days or hours, not weeks and months. The Financial Close is one such process. The growing server sprawl also presents associated problems of maintenance, license costs, upgrades and services. While the insurance company worries about meeting regulatory norms, it must also worry about working with multiple vendors for the frequent changes required to the system. The solution is to opt for database appliances. Database appliances are a new breed of super machines in the world of data and analytics. While they store data, they also have analytics embedded in to them.
A database appliance is a single-stop solution to today’s growing demand for efficient, reliable and scalable data management in the banking industry. These appliances integrate the complete stack of servers, storage, operating system, and software. They extract data and analyze it. And the biggest advantage we see in them is that they are modular which makes it easier to plug any component required in the future.
So who should opt for database appliances? It is doubtful if there is any insurance company that can ignore the value of such appliances. It is not a question of "who should opt for it"; but it is a question of "which one will best serve my purpose?"