INSURANCE DATA MESH
Driving Agility with Insurance Data Mesh Architecture
Services
A robust data management architecture is crucial for comprehensive actuarial modeling, encompassing data sourcing and integration, model processing, and reporting. Mphasis' Insurance Data Mesh model ensures high-quality, fast, and secure analysis of real-time market data, insurance risk data (morbidity, mortality), asset management data, and TPA data. This solution facilitates the swift development and assimilation of data infrastructure, incorporating both internal and external data sources for actuaries. Additionally, our profound understanding of ACORD data standards enhances the efficiency of the Quotes to Claims value chain for carriers.
SEAMLESS INTEGRATION OF LONG DURATION TARGETED IMPROVEMENTS (LDTI) REGULATORY REQUIREMENTS
Complying with Long Duration Targeted Improvements (LDTI) necessitates the handling, processing, and reporting of extensive datasets for valuation, projections, and risk management. Many insurance companies view LDTI as an impetus for necessary investments, ranging from targeted upgrades to comprehensive data modernization.
Mphasis has developed an Insurance Data Mesh tailored for Life & Annuity (L&A) and Property & Casualty (P&C) carrier using AWS Native services. This solution facilitates real-time model analysis to determine loss reserves for existing insurance portfolios and ensures compliance with LDTI accounting requirements.
Key benefits include :
Enabling actuaries to provide precise and timely loss reserve guidance
Positioning insurers for accelerated growth in the digital transformation era