Insurance
Home›Insurance›Industry & Deals›Salus Insurance Services overhauls data governance to…
Salus Insurance Services overhauls data governance to speed reporting
The insurer says monthly reporting now closes and reaches executives within the first two business days after month-end.
Risk & Insurance reports that as Salus Insurance Services Inc. grew through acquisitions and geographic expansion, its operational reporting processes strained under added complexity from multiple carriers, delegated authority arrangements, and cross-jurisdiction operations.
According to Risk & Insurance, David Blanchard, COO at Salus Insurance Services, said the company faced a lack of a formal enterprise data governance framework, which led to unclear ownership for critical reporting elements, key-person dependencies, and delays in producing and validating performance information.
Risk & Insurance adds that Blanchard treated enterprise data governance as a business initiative rather than a software upgrade, bringing together data owners, subject matter experts, and executives to separate mandatory data elements from optional information, set consistent formatting standards, and create standardized submission timelines and validation procedures.
The outlet reports that after consolidating and validating historical data, Salus tested the reporting structure against the needs of operational leaders, executives, board members, investors, broker partners, and carrier markets, and said monthly reporting is now finalized and distributed to executive stakeholders within the first two business days following month-end close.