An insurer's IT systems can communicate among themselves only if they're speaking the same language. Accordingly, carriers are looking to ensure the data from various systems conform to the same standards and models.
With insurers pressed to respond rapidly to market opportunities, competitive threats and regulatory changes, much hinges on the smooth flow of data among departments, says Mark Lewis, GM of the IBM Global Insurance Industry, Armonk, N.Y. "This is about business as much as it's about IT."
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