Generali Thailand uses Talend to better mitigate risk and stay compliant
Talend, a global leader in data integration and data management, announced that Generali Thailand, a subsidiary of Generali, one of the largest global insurance and asset management providers, partnered with Talend to create a more data-driven organization while mitigating risk and staying compliant. Leveraging the Talend platform for Generali’s compliance initiatives allows the insurer to foster a data-driven culture by democratizing data with scalable control and governance across the organization.
Generali Thailand provides a comprehensive 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, Generali Thailand is rapidly building its customer base with comprehensive financial solutions among Thai and foreign clients.
For Generali Thailand, the data project started with compliance with the new international standard, IFRS 17 Insurance Contracts, which sets out the requirements a company should apply in reporting information about the insurance contracts it issues and its reinsurance contracts. This requirement provides transparent reporting about a company's financial position and risk and will be effective for annual periods beginning on or after 1 January 2023.
"At Generali, we aim to place data at the heart of our organization to drive value and enable the delivery of our lifetime partner ambition and digital strategy," said Ms. Hyun Sook Ji, CIO of Generali Thailand. "By partnering with Talend and Artha, we achieved the implementation of our projects quicker and increased the productivity of our development team. We're building a data-driven organization that provides simple access, boosts data usage agility, and delivers improved and faster services to our stakeholders.
This comprehensive project requires massive data transfer and transformation from all of Generali's policy management systems and other systems located in different countries, including Italy, Generali's home country. Talend and its partners, iZeno, a value-added reseller, and Artha Solutions, a system integrator, played a key role in the data integration and management of all these components to create this new data architecture and layer environment. Talend Data Management platform allows ingesting multiple external and internal data sources while ensuring healthy data is provided to the scalable and flexible data platform.
"Insurance companies and other Financial institutions are facing a rapidly changing regulatory environment which requires complex and expensive data reporting and numerous regulatory disclosures obligations," said Jorawar Singh, Regional Sales Director at Artha Solutions. "With our deep Insurance vertical knowledge and the experience of supporting many global Insurance customers with various Data Management projects, Artha, with the support of Talend solutions, has not only helped the Generali Thailand team meet the current IFRS17 project deadlines but has also helped focus on various strategic Data Management projects initiatives such as Big Data Analytics, Customer 360, Data Quality and Governance."
Generali is also leveraging Talend Data Catalog as a component for implementing a data governance strategy across the organization as a support tool for the business function. Following compliance with IFRS 17, Generali will embark on a digital transformation project to become a new-generation company by building a single view of the customer through the development of a customer-based mobile application.
"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," said JJ Tan, Regional Vice President of Asia at Talend. "With Talend's capabilities for governance, integration, and integrity, Generali Thailand was able to balance its increased use of data while ensuring the quality and compliance of that data. We're looking forward to furthering the strength of our collaboration to create value from Generali's data organization-wide."
