A Thai unit of the global insurance and asset management provider Generali is forging a partnership with Talend, a worldwide data management firm, to develop a more data-driven organisation to mitigate risks and stay compliant with regulations.
Italy-based Generali wants to use the Talend platform for compliance initiatives, allowing the company to foster a data-driven culture with scalable control and governance across the organisation.
Generali Thailand provides a range of products and services, including general and life insurance for individuals and corporate clients, with a focus on customer-oriented service and fair operating procedures.
"We're building a data-driven organisation that provides simple access, boosts data usage agility, and delivers improved and faster services to our stakeholders," said Hyun Sook Ji, chief investment officer at Generali Thailand.
The data project initially focused on compliance with IFRS 17 Insurance Contracts. The new international standard sets out the requirements a company should apply when reporting information regarding its insurance and reinsurance contracts.
This requirement is effective for annual periods from Jan 1, 2023, enabling transparent reporting on a company's financial position and risk.
The project requires massive data transfers and transformation from all of Generali's policy management systems. Talend, together with its partners iZeno and Artha Solutions, are expected to help create a new data architecture and layer environment, said Generali Thailand.
"By partnering with Talend and Artha, we should be able to implement our projects quicker and increase the productivity of our development team," said Ms Sook Ji.
She said Generali is preparing its digital transformation project by building a single view of the customer through the development of a mobile application, in compliance with IFRS 17.
Jorawar Singh, regional sales director at system integrator Artha Solutions, said insurance firms and other financial institutions face a rapidly changing regulatory environment "that requires complex and expensive data reporting and numerous regulatory disclosure obligations".
JJ Tan, Talend's regional vice-president for Asia, added: "Given the rise in regulations, the lack of a comprehensive, consistent approach to data governance and quality is slowing processes further and resulting in significant risk exposure for insurers. We're looking forward to furthering the strength of our collaboration to create value from Generali's data organisation-wide."
