The Decision is in the Data

Griff Norquist

U.S. Head of Financial Institutions for the Aladdin Business

Change is everywhere, and it’s clear that even the pace of change has gained momentum. Whether it’s markets, climate, regulation, or geopolitics, it’s easy to surmise there’s now more complexity than ever before. For insurers around the world, change has always been expressed through data: the liabilities therein, risks and opportunities (both inherent or supposed), as well as insights. Data, after all, acts as the raw material for competitive innovation, risk management, and decision-making power. That decision-making power is, however, dependent on the confidence you have in the data itself—the strength of your Investment Book of Record (IBOR), how it aligns with your Accounting Book of Record (ABOR), and the overarching ability to report.

And while AI has garnered the lion’s share of recent headlines, many are ill-positioned to take advantage of it (and other emerging technologies) without a tech ecosystem that’s efficient, scalable, and able to evolve.

 

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There are still opportunities for growth and differentiation, but to make decisions with confidence, insurers need to have an ecosystem that they can trust. And that trustworthiness comes from accurate, actionable, and timely data.

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This need for timely and actionable data becomes ever more important against the backdrop of current market conditions. Heightened volatility and the risk of recession—this year’s most cited macroeconomic consideration—mean everyone across the organization has a risk point of view.

It’s a necessary view, made even more pressing when combined with the need to see public and private markets assets together with a healthy underpinning of accounting capabilities, along with the increasing complexity of portfolios at large. In fact, 89% of those surveyed said they plan to increase allocations to private markets. In order to successfully implement this, insurers need a common data language, from public markets to private markets and from the front office through to operational processes—embedded in a trusted tech ecosystem—that liberates decision-making from the weight of outdated legacy systems, enables a more productive investment organization, and ultimately, unifies the investment management process. It’s there that opportunities exist for insurers: to streamline their investment operations, better manage change, acutely and overall, and deliver better investment outcomes. The decision itself is in the data.

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