>AI Data Discovery:
Unlock the Full Potential
Many organizations still rely on physical sticky notes or scattered text messages to jot down critical information. This informal approach to data management is not only inefficient but also risky. Data can easily be lost, misplaced, or misunderstood when it’s not properly documented.
Praxi’s Smart Data Discovery platform is designed to unearth hidden data sources and understand the entirety of your data landscape. It helps organizations identify where important data resides. By bringing this data into a structured and secure environment, businesses can mitigate the risks associated with informal data storage.
In today's fast-paced environment, too many organizations still rely on unstructured, informal methods to store critical information. Sticky notes, scattered text messages, and casual emails may capture vital data, but they also expose your organization to inefficiency and risk.
When data is recorded informally, it’s easy for information to go missing, be misinterpreted, or remain unsecured, resulting in operational challenges and compliance vulnerabilities. For data-dependent industries like insurance and financial services, these risks can be costly.
> Risks of Informal Data Management
Solution Overview: AI Data Discovery
Our AI Data Discovery process transforms how organizations manage data by unearthing hidden sources of information, no matter where they reside. By gathering scattered data points across your organization, the data discovery platform helps you build a comprehensive data landscape and brings all critical information into a structured and secure environment.
Say goodbye to the inefficiencies and risks of informal data management—our solution is here to support your data governance and compliance needs.
How it works
AI Data Discovery: Using advanced algorithms, our platform discovers hidden data sources from various locations and formats within your organization, uncovering valuable insights that might otherwise be missed.
Mapping: With a comprehensive view of all data sources, the platform maps out a complete data landscape, providing clear oversight for easier management and governance.
Structuring: The discovered data is moved into a secure, organized system, enabling efficient access, reducing risks, and fostering better collaboration.
> Features Spotlight
Explore the Powerful Features of Our Data Discovery Platform
Automated Data Discovery
Efficiently locate and categorize hidden data sources across the organization.
Secure Data Mapping
Bring unstructured data into a safe, accessible environment.
Integration with Existing Systems
Seamlessly integrates with your current data platforms, enhancing their functionality.
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Built for Data Security and Compliance
Data security and compliance in the insurance and financial services sectors are critical, given the vast amounts of sensitive data these industries handle daily. These sectors must maintain a balance between comprehensive data utilization and the imperative to safeguard customer information against breaches and unauthorized access.
Regulatory bodies impose strict guidelines that dictate how personal data should be collected, processed, stored, and shared. For insurers and financial institutions, non-compliance isn’t just a regulatory risk - it carries substantial financial penalties, reputational damage, and erosion of customer trust.
The complexity of data management in these sectors stems from the volume and variety of data handled, including policyholder information, claims records, and financial transactions. Data must be meticulously categorized, stored securely, and kept accessible for necessary operations while preventing unauthorized exposure.
Advanced data management frameworks are needed to implement role-based access control, ensuring that only authorized personnel have access to certain data categories. Additionally, robust encryption standards must be maintained both in transit and at rest to protect data from cyber threats.
Financial services and insurance companies also face unique compliance challenges as they increasingly adopt artificial intelligence and machine learning tools. These technologies require vast amounts of data for training and operationalization, which can introduce risks related to data privacy, bias, and ethical use.
Ensuring that AI-driven solutions comply with data protection regulations necessitates rigorous oversight, transparent practices, and detailed documentation of data usage. Furthermore, continuous audits and the implementation of traceable data lineage help organizations demonstrate compliance and mitigate the risk of breaches.
The implementation of advanced data management systems allows organizations to not only secure data but also optimize its use within regulatory frameworks.
Solutions such as AI-driven data discovery and classification tools help insurers and financial institutions identify where sensitive data resides, enabling more accurate risk assessments and robust compliance monitoring. These tools also support data governance by ensuring data is consistently organized and handled according to industry standards.
By adopting a proactive approach to data management, insurance and financial services companies can enhance their operational resilience, uphold compliance, and build a foundation of trust with customers and stakeholders.