How DQPro Helped Markel Instil Data Accountability Globally

HOW DQPRO HELPED MARKEL INSTIL DATA ACCOUNTABILITY GLOBALLY
The Challenge:
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 “back end” with non-technical business teams in the front office, across multiple teams, systems, markets and territories.
- Improving on cumbersome monthly exception reports with a 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.
The Solution:
Starting with the Underwriting Services Team (UST) in London, Markel quickly deployed a 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.
The Results:
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 their time to prepare from 3 weeks to 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 – e.g. $250k of premium income flagged and “saved” at renewal, ensuring acquisition costs are correctly assigned and 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.