The Game-Changing Role of Continuous Data Quality in GenAI for Insurance Distribution
Lisa Wardlaw
Innovating at the Edges | Digital Strategist | Digital, Innovation, Strategy, Finance, Operations, M&A | BreakerofStatusQuo ??| Insurance, Banking, Health, Geospatial | Farmers, MunichRe, PwC
In the latest episode of Insurance Unplugged, host Lisa Wardlaw had the pleasure of sitting down with Lindsey Strong, CIC , Chief Product Officer at IRYS Insurtech , to dive deep into the future of data quality and its crucial role in AI-powered insurance distribution. In a world where Generative AI (GenAI) is revolutionizing how businesses operate, having accurate, clean, and actionable data is no longer just an IT task—it’s a strategic imperative. Strong provided some fantastic insights on how IRYS InsurTech is leveraging AI to turn data quality into a core product for brokers and agents, making it foundational to operational efficiency.
Data Quality is Not a One-Time Task—It’s Continuous
"Data is our asset. We should always think of it as our asset. It is what we have to leverage every single day." -Lindsey Strong
Strong emphasized that data quality is not a “set it and forget it” process. In many organizations, data is still manually handled through spreadsheets and static databases, which leads to inefficiencies and inaccuracies. With IRYS Insurtech’s AI-powered Data Quality Portal, they are shifting away from one-time fixes to continuous monitoring and improvement. By automating data quality processes, IRYS enables brokers to make real-time, accurate decisions essential to today’s fast-paced environment.
"Data quality for insurance and distribution is more than just clean data; it affects everything we do, how we work effectively as agents and brokers, and how we serve our clients." -Lindsey Strong
AI-Powered Tools Are Critical for Modern Insurance Distribution
The traditional approach to managing data—via spreadsheets or outdated legacy systems—is not viable for the demands of modern distribution enterprises. Strong explained how IRYS Insurtech’s platform leverages AI to enhance data quality continuously. This not only improves the accuracy of the data but also reduces the manual effort typically required. AI detects and resolves data inconsistencies, outliers, and errors in real-time, allowing distribution enterprises to stay competitive and responsive to client needs.
"Our data quality portal was created to provide a solution that continuously monitors and improves data quality. It was not a one-time spreadsheet: set it and forget it issue. It evolves alongside the organizations that it's interacting with." -Lindsey Strong
Data Quality Enhances Scalability and Operational Efficiency
"?We should be empowering them with the data, not burdening them. Anytime you introduce a new system, it can be a significant burden. So, we wanted to eliminate that as well. By automating the identification and resolution of these issues that the data has created, the tool (the Data Quality Portal) continuously enhances that data's quality." -Lindsey Strong
One key benefit of continuous data quality monitoring is the ability to scale more effectively. Strong highlighted that data harmonization is essential for distribution enterprises—whether growing through acquisitions, diversifying into new markets, or expanding their portfolios. A clean and harmonized data set ensures that brokers and agents can scale their operations without being burdened by data inconsistencies or the manual labor of cleaning up disparate systems.
Seamless Integration Between CRM and AMS Systems
"CRM and AMS all exist in the same solution. That allows us to share the same data. We're not fighting over it anymore." -Lindsey Strong
A unique feature of IRYS Insurtech is its seamless integration of CRM and AMS systems. Traditionally, these systems are siloed, which leads to duplicated efforts, data discrepancies, and operational inefficiencies. IRYS unifies these systems, providing a single platform where data can flow freely across the entire client lifecycle. This approach improves data accuracy and empowers both agents and brokers to serve clients more effectively, leveraging real-time insights.
"Legacy systems present a unique challenge because they weren't built with today's data demands in mind. Our solution significantly bridges that gap because we are applying AI and machine learning to automate and enhance the data quality legacy systems could never even dream of providing. So our focus is ensuring that legacy system data can be cleaned, standardized, and mapped to work seamlessly with modern applications like IRYS, ensuring there is no data migration roadblock." -Lindsey Strong
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GenAI’s Potential in Data Quality
As the conversation turned to the future of data quality, Strong touched on how AI, specifically GenAI, will handle even more of the heavy lifting regarding data management. AI’s ability to continuously learn from data interactions will make it an essential tool for ensuring data remains clean, actionable, and aligned with real-time operational needs. Distribution enterprises that invest in AI-powered data quality solutions will be better positioned to navigate the rapid changes in the insurance industry.
"I think we'll see data quality become even more automated with AI handling a lot of the heavy lifting when it comes to identifying and resolving data issues." -Lindsey Strong
The Most Interesting Shift: Master Data Management in Distribution
One of the most fascinating aspects of this conversation is the application of master data management (MDM) and continuous data quality monitoring in the context of insurance distribution. Traditionally, MDM has been a focus for carriers and reinsurers, who need accurate and harmonized data to manage policies and risk. Distribution, however, needs to catch up in deploying these concepts at scale. Agents and brokers have typically relied on disparate, often manual, data processes—like managing client data in spreadsheets or using fragmented CRM systems that don’t integrate with operational platforms.
"Leveraging tools like ours will allow us greater connectivity, which ultimately helps move the needle in a better direction for agents and carriers and distribution as a whole as we start moving forward." -Lindsey Strong
IRYS Insurtech is changing the game by bringing AI-powered MDM to the forefront of distribution. Strong emphasized that poor data quality isn’t just an IT issue—it directly impacts the ability of brokers and agents to serve their clients effectively, make real-time decisions, and scale their businesses. By integrating continuous data quality improvement into the daily workflows of distribution enterprises, IRYS allows brokers and agents to operate with the same data sophistication as carriers.
"IRYS designs everything with our users in mind. So, we aimed to create a system that fits seamlessly into their workflows without requiring extensive training or technical expertise." -Lindsey Strong
Call to Action: What Should the Industry Do Now?
As the podcast episode wrapped up, Strong left listeners with a powerful call to action for the industry:
? Start implementing systems that enable continuous data quality improvement. Treat data as the valuable asset it truly is.
? Stop thinking of data as a one-time project. It’s an ongoing process that should evolve alongside your organization.
? Continue prioritizing AI and automation investments to keep your data clean and actionable at all levels—whether for C-suite decisions or daily client interactions.
“Data is not a one-time project.” -Lindsey Strong
For more, click here to listen to the full episode of "In the Hot Seat" from Insurance Unplugged with guest Lindsey Strong, CIC and host Lisa Wardlaw . Thank you to IRYS Insurtech for sponsoring this season of Insurance Unplugged.
Subscribe to Insurance Amplified on LinkedIn and listen to Insurance Unplugged to stay tuned for future episodes and editions!
Founder | Senior Data Executive | 30 Years of Leadership in Data Strategy & Innovation | Executive Director | Sales Executive | Mentor | Strategy | Analytics | AI | Gen AI | Transformation | ESG
2 个月Your insights on data quality and AI in insurance are enlightening, Lisa! How do you foresee these advancements influencing traditional practices in the coming years?
freelancer
4 个月insuranceanalysispro.com AI fixes this AI impacts data-driven insurance distribution.
Co-Founder & CEO, Motto? | Visionary Leadership & Brand Expert | Author | Thinkers50 Radar | Keynote Speaker | GDUSA 25 People to Watch | Top 30 GlobalGurus in Brand
4 个月Love the #doingbigthings in your headline ??
Chief Product Officer | Co-Founder
4 个月Maintaining data integrity at scale cannot and should not be a human-only, manual-fix issue. Lisa Wardlaw thank you for taking the time to highlight this important issue. I thoroughly enjoyed the discussion.
ClimateTech Connect| Insurtech Insights USA| Keynote Speaker| Advisor| Entrepreneur| Global Conferences + Tradeshows| B2B Media| P&L| M&A| Insurtech+Fintech+ClimateTech
4 个月Another great conversation Lisa Wardlaw with the brilliant Lindsey Strong, CIC dropping truth bombs on data quality and readiness ?? ?? ??