HOW DQPRO HELPED MARKEL INSTIL DATA ACCOUNTABILITY GLOBALLY
As a truly diversified global insurer writing over $9.3B of premium globally, Markel faced a typical set of challenges in managing their daily data issues, including:
- Managing data issues found at the technical “back end” with non-technical business teams in the front office, across multiple teams, systems, markets and territories.
- Improving on cumbersome monthly exception reporting with manual, email-based workflow and a lack of visibility as to how and when issues were addressed.
- Ensuring upstream accountability for data with relevant business users and teams.
- Evolving from a traditional technical approach to one embedded within a regular business user’s daily workflow, delivering company-wide ownership and adoption.
Starting with the Underwriting Services Team in London, Markel quickly deployed an initial series of 20 DQPro rules across 10 + legacy policy, exposure and bordereaux systems to demonstrate and realise immediate business value. Driven by their Data Governance team, rules were then extended across multiple teams at Markel International; Compliance, Claims, Exposure Management and to their UK retail division, Markel Direct. In 2020 the success of the roll-out expanded to a global roll out with usage expanding to Markel’s US headquarters in Richmond, Virginia.
Deploying DQPro has transformed how Markel check and control their data, replacing traditional manual processes or overly technical, enterprise solutions by delivering:
- Rapid Adoption Amongst Business Users – starting with 50 users in London and expanding to a global deployment of 150 users and 200+ critical rules in 2020, with daily usage in UK, US, Europe and Latin America.
- A Comprehensive set of 200+ Controls – now helps support internal and external data audit, reducing audit preparation time from 3 weeks to just 30 minutes.
- SLA Driven Accountability – users’ accountability for their data is now an integral part of their annual performance review process which is informed by DQPro.
- Cost Reduction – by eliminating a lot of the manual, frictional cost associated with traditional exception reporting in terms of notification, timely resolution and evidencing the action taken, for example: $250k USD of premium income “saved” at renewal, ensuring acquisition costs are correctly assigned or flagging rate changes.
- Evidence and Clear Reporting – around regulatory data controls required by the Lloyd’s Minimum Standards and Solvency II.
About Markel Corp:
Markel Corp (NYSE:MKL) is a market leading Fortune 500 insurer and reinsurer writing over $9.5B of premium globally across retail, commercial and specialty lines of business. With a headquarters in Richmond, Virginia and over 18,000 employees, Markel Corp has a global reach with 76 offices in 21+ countries.