An Insurance Industry Success Story
The Hanover Insurance Group is the holding company for a group of insurers that includes The Hanover Insurance Company, Citizens Insurance Company of America, and their affiliates. The company is ranked among the top 25 property and casualty insurers in the United States and has been meeting its obligations to its agent partners and their customers for nearly 160 years.
The initial DRM implementation at Hanover was aimed at supporting the maintenance of their 2014 Hyperion Planning rollout. The project effort was accelerated and done quickly to meet aggressive delivery dates. As a result, Hanover needed to do a follow up project to fully complete the roll-out of their DRM application. Most of the data transformation was being done during the load process for the system receiving data from DRM. Additional validations were needed to guarantee that DRM was sending good data.
Hanover, partnering with AdvancedEPM, began by applying changes to bring the application into compliance with generally accepted best practices. All hierarchies were brought together under one DRM version for ease of maintenance, no more manual updates have to be applied to alternate hierarchies. Doing this has enabled DRM’s extensive versioning and auditing capabilities allowing for better control and reporting of routine and non-routine changes.
AdvancedEPM also converted many of Hanover’s manually entered and maintained meta-data attributes to default, derive, or inherent their values without the possible errors normally associated with excessive manual data keying. This also made it such that all the meta-data required by the application systems that consume information managed in DRM are now complete requiring little to no data manipulation during the downstream system load procedures.
Hanover’s DRM application now contains fully completed and validated records sometimes called the single source of truth. Human data entry errors have almost completely been eliminated, and there’s better auditing and reporting of the data changes. The foundational changes and best practices applied to the Hanover implementation now enabled the application to scalable and adaptable for the future uses that are soon to come.