One of Lloyd's of London's independent insurance underwriting groups, Chaucer Syndicates, is introducing the Trillium Software System to cleanse its data, institute de-duplication where necessary and generally improve data quality in support of governance, risk and compliance (GRC). The software will help Chaucer ensure the quality of the information it uses to guide its syndicates towards maintaining a profitable, yet risk-balanced business book, which is compliant with their approved underwriting capacities.

Chaucer's business intelligence systems access a data warehouse holding some 17 years worth of raw policy and claims data received from brokers, its syndicates, and from Lloyd's electronic messaging systems. The insurer's data warehouse is continually growing because of these feeds so a solution that made management easier was essential. With the Trillium GRC data cleansing software, Chaucer will be able to standardise its data from now on, match it with any existing records, and de-duplicate it to provide clean single views. Additionally, the insurer will use the Trillium Software System to facilitate collaboration on data quality amongst the various stakeholders in the organisation. The insurer seeks to build a sense of joint ownership and responsibility across the Information Systems (IS) department, business intelligence and analysis teams, risk analysts, syndicate underwriters and their staff.

Chaucer Syndicates Limited is the managing agency of Chaucer Holdings Plc, a specialist insurance and reinsurance group listed on the London Stock Exchange. Chaucer provides the capital and expertise required to underwrite business at Lloyd's, the world's leading insurance and reinsurance market organisation. At the core of the business are Syndicate 1084, which underwrites marine, aviation, energy, property, specialist lines and motor insurance, and Nuclear Syndicate 1176. Syndicate 1084 is rated 'A' (Excellent) by A.M. Best.

"Effective governance of our underwriting business requires reliable business intelligence, and this is dependent upon quality data," explains Philip Gregory, business intelligence manager at Chaucer. "The Trillium Software System will automate our data quality process improving on and saving one hundred man-hours a month in manual cleansing work. Also, a dashboard will provide real-time data quality metrics giving confidence scores for consideration when using the data in important decisions."

Consistent, trustworthy data is essential to all business processes and as organisations grow, so they must implement robust, enterprise-wide data governance techniques to care for their data, prove it is correct and maintain it as a core asset. "The Trillium Software System is an integrated, unified and scalable platform for data quality across every conceivable data source and business function, and will support Chaucer Syndicates to ensure that its data is consistent, actionable and trustworthy," asserts Ed Wrazen, vice president of product marketing at Harte-Hanks Trillium Software.

In addition, the new software at Chaucer Syndicates will help the insurer comply with Solvency II, a regime for all EU insurers and reinsurers, which is due to come into effect in 2012. It aims to enforce solvency requirements that better reflect the risks companies take, mirroring the Basel II capital adequacy process that banks have previously undergone. Ensuring access to good quality data should assist Chaucer in complying with the reporting requirements of this new legislative directive.

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