After introducing “MANTA 4 Finance”, “MANTA 4 Healthcare”, and “MANTA 4 Telco”, we present the next part of our “MANTA 4 Industries” series. Read about the issues MANTA helps insurance customers solve in the article below.
Regulatory Compliance and GDPR
It can be said that the regulatory requirements in terms of data protection for this industry are even more strict than in other industries. The companies’ systems contain large amounts of sensitive personal data that, as we now all know, has to be safeguarded with extra care. The General Data Protection Regulation (GDPR) threatens companies with astronomical penalties for noncompliance.
Big problems can also arise from an inability to accommodate the fundamental rights of data subjects (right to access, right to erasure, right to restrict data processing, etc.). In these cases, the company has to show the supervisory authority exactly how it secures its data.
In the worst-case scenario, if there would happen to be a data breach, the insurance provider would have to prove that it did everything humanly possible to stop it! Data lineage is a way of showing that, by drawing out an end-to-end map of the dataflows and all their movements within the BI and analytics environment.
One of the problems that the health insurance industry is facing, which most people outside of it fail to see, is the dynamic pace at which the industry is currently moving. It is not just about long-term insurance plans or car insurance. As people tend to engage in last minute and other forms of impulse travel, together with a growing demand for short-term nonstandard insurance such as for adrenaline sports and other activities, insurance companies have to be able to give their customers real-time access to their services.
If you take into consideration the amount of already-existing data that is needed to meet industry demands for fast analytics and calculation capabilities, this is almost impossible to achieve manually. Tools like MANTA come in as a must to allow companies to keep up with such a fast pace.
IoT & Insurance
With IoT slowly creeping into every industry, the insurance industry is no exception. Networks of connected sensors among household appliances and devices would be able to regulate the amount of electricity that is being used in the home, autonomously control a building or home’s energy consumption, and optimize energy intake. On a bigger scale, this can be used not only for utility companies but also to calculate and adjust house and property insurance needs.
Insurance companies are all about keeping you safe and giving you assurance. What MANTA does for insurance companies is assures them that their data is being used to the fullest, and it effectively protects them in case of compliance needs or data breaches.
Do you have some questions about how to use MANTA in another industry? Book a call with one of our pre-sales experts using our bot or write us directly at firstname.lastname@example.org.