How Data Observability Helps Insurance Providers Bounce Back From $130B in FY21 Losses

In 2021, the global economy faced significant costs due to the aftermath of the COVID-19 pandemic and natural disasters, leading insurers worldwide to incur over $130 billion USD. As a result, IT leaders in the insurance industry are turning to data observability as a means to optimize their data operations and reduce costs. Data is an internal commodity that can be leveraged by businesses for survival and success, with McKinsey research showing that data-driven organizations can increase customer acquisition metrics by 23x. Insurance providers have found significant promise in big data and data analytics, which has helped them increase revenue, retain customers, and improve processes to boost customer satisfaction. Data observability tools help address data problems across the pipeline layer, compute layer, reliability layer, and user layer, ensuring that data flowing across diverse channels and pipelines are monitored in real-time and alerting users in case of potential breakdowns. Acceldata's suite of data observability solutions helps eliminate potential risks associated with data quality errors and data pipeline breaks by monitoring them constantly and alerting teams in advance.