AXIS Capital Masters Reference and Master Data With Profisee MDM
Using MDM to accelerate core insurance processes, reduce risk and improve management visibility
in total assets
in total capital
global employees
Name: AXIS Capital
Headquarters: Hamilton, Bermuda
Industry: Insurance
Customer: Since 2023
Data Types Mastered with Profisee
- Reference data
- Master data
AXIS Capital is a specialty insurer and reinsurer that offers a variety of tailored products and services, from cyber insurance to renewable energy project underwriting and agricultural reinsurance. Headquartered in Bermuda and operating globally, AXIS is a values-driven organization committed to making a positive impact on the world through responsible business practices.
AXIS Capital faced challenges in streamlining operations and delivering reliable business analytics for its specialty lines of insurance and reinsurance across the globe.
Like many other diversified insurers, AXIS typically supports its various insurance product lines with standalone, siloed policy and claims systems. Additionally, critical insurance functions depend heavily on detailed and accurate reference data, such as:
- Rating/risk assessment
- Quoting
- Underwriting and binding
- Reserves
- Capital management
- Claims
Inconsistent or inaccurate reference data can slow down or complicate each of these functions, and worse still, lead to errors in quoting, underwriting, reserves management or claims adjustments.
Proper risk assessment, rating and quoting also requires a high level of granularity and detail. The relative risk for directors and officers in liability coverage, for example, varies significantly between a charitable organization and an oil and gas company. However, the same level of detailed granularity is not always useful for management reporting.
Without any centralized process or controls, each geography and business line had to create its own summarized reporting reference data. Although this may have been sufficient for localized reporting within a specific business line and geographic area, it became a major impediment to reporting at the corporate level.
AXIS tried to place better controls over reference data in years past, but the effort was grassroots and saw little adoption. With a new chief executive and a mandate for better control over data coming from the top, AXIS Capital partnered with McKinsey to craft an entirely new organization-wide data strategy. With this new mandate, AXIS partnered with Profisee to enable an entirely new level of data management and control across the organization.
The Solution
AXIS Capital started its journey with reference data areas that could provide quick wins and help fuel expansion into other areas. Profisee was configured with intuitive web-based data stewardship forms to manage the core reference data hierarchies, while security rules, data quality rules and built-in audit trails ensure that changes to critical reference data are valid, governed and documented.
Initially, the company focused on reference data used across multiple product lines and geographies, such as NAICS and AICS codes and related hierarchies. From there, it expanded into other key reference data such as the core rating and underwriting codes that drive insurance offerings within their insurance applications. This provides additional control, audit records and accelerates the introduction of new product offerings.
AXIS continues its data management journey and is now starting to master brokers and the insured (customers). This supports improved and newly trusted and reliable analytics on critical measures such as total customer premium in force, total customer claims, broker productivity and other business insights.
Going forward, AXIS will continue to expand its use of Profisee to support a bronze-silver-gold data product medallion process across the 18 most critical data domains identified by McKinsey.
The Wins
With Profisee driving consistency across the organization for the first time, AXIS Capital can accelerate core insurance processes — including the introduction of new insurance offerings — and get holistic and reliable analytics at the corporate level. Moving forward, additional reference data and master data domains will continue to improve processes, reduce risk and provide leadership with the necessary insights to quickly adapt to the ever-changing specialty lines insurance market.
Read additional case studies
