Wouldn’t it be great if it became second nature at PIC to make decisions based on readily accessible, well managed and trusted data? In this short training course we will explore why data matters to PIC and how we can manage it better. COO Intro video – explain why everyone at PIC needs to think about managing data better The rest of this video is a practical guide for everyone doing anything with data.

We know data is an asset but need to manage it better

We use excel to support critical business processes and often struggle to achieve one version of the truth. Things go wrong because of how we currently manage our data – examples of the DQ horror stories: · Incorrect details of policyholders – the financial impact of ensuring we have enough money to pay pensions, customer service/experience/reputational damage · DOB is a critical field – dependency and next of kin very important There are better tools and options available. It’s important to understand that we are using the correct data and to help with this we have implemented a Data Governance Framework. Consider the difference between a bad day working with data with a good one.

Lots of benefits and opportunities from managing our data better (see mind map for details to cover). Why/benefits/opportunities of managing data better videos from key stakeholders.

Everyone has a part to play

Everyone has some responsibilities around data. We have introduced a number of roles: · Executive Data Owner – cover high-level details of role · Data Owner – cover high-level details of role · Data Steward – – cover high-level details of role · Data Custodians – – cover high-level details of role Cover IMAG (Info Mgmt Advisory Group) “Data Steering” and the Data Working Groups However, everyone who uses data has responsibilities re data. We all need to be sure that the data we use is fit for purpose The Data Office is here to help and support – use Dr analogy to explain that they provide advice and guidance, and everyone has the responsibility to manage data better following their advice.

Recommendations to manage data better

What you should be doing Questions you should be asking:

  • Is this the best approach?
  • Is this the right data? · Is the quality of the data good enough?
  • Have I got the data from the authoritative source?
  • How do I check these things?

Consider what is the best tool for the job. Using the right tools helps with:

  • Reliability
  • BCP ·
  • Audit Trails
  • Controls

However, if you are considering buying new software to soure, integrate or manage data, please ensure that you follow the processes on Huddle. The Data Office Huddle page is an excellent source of information and advice on data management and standards. If in doubt consult the Data Office if you are unsure where to get data from or who you should speak to about it.

Lots of benefits and opportunities from managing our data better (see mind map for details to cover). Why/benefits/opportunities of managing data better videos from key stakeholders.

Consider whether the data is good enough to use – do you trust it? We can measure the quality of our data in the following ways:

  • Accuracy
  • Validity
  • Relevance
  • Completeness
  • Reliability
  • Timeliness

Using new tools will expose previously unknown issues with data. This is a good thing and will lead to better-quality data that we can all trust. Cover details of how to log issues – process for registering issues: via the PIC Huddle page. Explain that we are moving away from tactical fixes.It is important that we tackle the source of issues and fix them so that they don’t reoccur.

Share example of Ratings Data:

When asset ratings are missing or incorrect this impacts our regulatory capital requirements. This issue is well known, but inconsistent ways of correcting ratings data create other issues.

Manual overrides take a lot of effort and often do not solve the issue or cause other related issues, meaning that more effort is needed to ensure that our Solvency II capital calculations are correct. Please don’t just override missing or incorrect ratings in your spreadsheet. If you raise an incident, when you find data is wrong or missing, we can ensure that the source of the issue is identified and fixed properly.

AI is an exciting new development that has a lot of potential uses but we be careful as we start using it. You must involve TP&O and Information Security before adopting new generative AI tools. Remember that AI is fallible and is only as good as the data it is using. Use Sat Nav analogy – you wouldn’t drive your car off a cliff if it told you to, ensure that your maps are up to date.

When using data we need to make sure that the data it is using is the right data and we need to consider whether using AI and the data concerned is ethical. When it comes to data and AI we need to be mindful in our use of both of them. The AI Guidelines will be part of the Acceptable Use Policy which will be on The Policy Hub.

Your actions with data may impact other people at PIC – encourage people to share ideas and collaborate on data matters. This is not about locking data down or making using the data more onerous. It’s about getting data right.

Explain how managing our data better is aligned to PIC’s values:

  • Resilience – better-managed data gives us a better understanding of our business and enables us to make better business decisions.
  • Adaptability – this in turn means we can be more adaptable and make the most of new opportunities
  • Loyalty – using data better will enable us to build trust by collaborating more to solve problems

It is important that everyone does the right things when it comes data. If we all do our part and treat data as an asset we will be able to use our data to deliver new insights and make data driven decisions.

Knowing that our data is good enough to use will help us:
  • Run our business more efficiently – save time
  • Most importantly to be able to pay the pensions of our current and future policyholders.

And don’t forgot new tools like AI have the potential to speed up and make better decisions but we need to be mindful in using and them and make sure that they have the right data to work with. Include a final stakeholder video in this section to reinforce the messages delivered.

Consider what you do with data and what skills you would like to develop further – speak to Data Office about other data training and support that is available Remember if your data is incorrect you don’t have to live with or work around it – report data quality issues so that they can be fixed Let’s focus on managing things better so that we get more good data days than bad data days.

Remember data matters and we all have a part to play in managing it better. Please help us make it second nature at PIC to make decisions based on readily accessible, well managed and trusted data.

Don’t forget if you have any questions you’d like covered in future videos or blogs please email me – questions@nicolaaskham.com.

View more articles at https://www.nicolaaskham.com/.

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