The Magnitude Solution
Magnitude offers a software solution for data management that addresses the primary areas of concern with respect to an insurer delivering data that is complete, accurate and appropriate in their internal model.
Magnitude offers a business-model-driven end-to-end process for capturing requirements, storing and processing data without gaps in how the data is sourced, controlled, defined and used. A data policy approach delivers a governance capability that allows you to develop data quality rules and standards, and monitor data quality compliance to policies over time. A master data management capability ensures consistent identifiers for claims, insured parties, locations, products, etc. used across multiple actuarial, claims, policy administration and broker systems, which delivers high-quality data used in calculations. A workflow-driven process enables governance over the policies and rules as well as authorization and approval at the necessary management levels for your program.
Magnitude includes a data warehouse automation capability that is driven by a pre-built insurance business information model that you can customize for your precise needs. Both the model and the data are governed to ensure integrity. Developing and maintaining the data warehouse is done in an automated way, minimizing manual effort, enhancing agility and speeding time to value. Magnitude also includes a capability to automatically generate and maintain the metadata to feed Business Intelligence reporting tools commonly used to deliver reports and analyses.
Magnitude’s Kalido business information model (BIM) acts as a common data dictionary and language between IT and business people, enhancing collaboration and understanding among both constituencies. Kalido BIM includes an ability to make annotations that serve as explanation and commentary on assumptions. The entire model serves as documentation as to what is in the data warehouse. Furthermore, Kalido BIM directly maps to and drives the end-to-end process so that there is consistency and transparency for information management. As requirements mature and change, the business information model allows you to rapidly adjust the content so that your efforts to keep current with changing requirements are done with the least effort and the most accuracy.
Your input data to the internal model will come from multiple source systems and it is likely that it will be different in each source. For consistency, it is critical to develop data policies that dictate the level of data quality needed and to ensure a process is in place to track and measure compliance with those policies. If invalid data is found, it is then important to have a process in place to remediate that bad data so it does not infect your models. Magnitude offers capabilities to create and manage data policies at any level in the organization, operationalize the process of governing the data to conform to the policies, and measure and improve compliance with the policies. To remediate bad data, Magnitude offers a master data management capability that allows you to set data validation rules, match data from multiple sources, and route invalid or mismatched data via workflow alerts to your data stewards for remediation. The process is fully configurable and can include multiple levels of approval and authorization, as well as escalations to ensure timely resolution. Additionally, an intuitive business user interface enables easy access to master data by non-technical participants so they can easily participate in the process of ensuring consistent, accurate and appropriate data.
The Magnitude solution provides a business-model-driven, end-to-end process so insurers have a coordinated, structured solution for data management. Magnitude can enable companies to consolidate their spreadsheet-based data into a single environment to deliver enhanced control and governance over the data content and quality while minimizing the risk of bad data infecting the compliance process. Additionally, reports can still be delivered in Excel and other environments familiar to business users. Using Magnitude as the data management platform will deliver a more coordinated overall data management strategy that can increase an insurer’s ability to provide trusted, consistent and accurate information to comply with their directive.