Data management is critical for organizations around the world. And the same is true for Blue Cross Life Insurance Company of Canada (Blue Cross Life). CEO and President Jim Gilligan explained to the SiliconANGLE‘s media team, theCUBE, the inner-workings of his company.

Per Canadian provincial government regulations, licenses for life insurance companies are issued geographically with the understanding that they are not-for-profit. Several of these smaller companies have invested their capital together to form a “for-profit integrated operation,” as Gilligan described. Because of the company structure, Blue Cross Life deals with “three or four source points” for all its data; this requires an “important regulation entity,” making consistency and quality the most important” for the company.

Security message not resonating with Millennials

Gilligan focused on the importance of governance in data management. He emphasized that data quality and management has to flow through that ecosystem of governance in order to be effective. In addition, he explored the difference between life insurance and other industries in regards to “feeling” the affect of decision making. Due to the nature of the business, Gilligan stated that most businesses will know by the end of year five if the decisions made in year one were wise choices. Conversely, Gilligan and his team might not see results until 15, 20 or even 30 years out. According to Gilligan, this phenomenon makes the regulation of life insurance the most challenging of industries regulated by the Canadian government.

Gilligan observed that many life insurance companies are “struggling to recreate demand” due to young people in mature markets not being culturally cued to buy life insurance. Gilligan blamed this trend on the “shortsightedness” of Millennials and the choices that many have to make between establishing a 401k or purchasing life insurance.

The pitch hasn’t changed from “it’s all about security,” which is a message that Gilligan said is not always something that resonates with Millennials. In addition, younger people in mature markets are not getting married at a younger age as seen in previous generations. Consequently, the life insurance markets are growing in developing areas of the world, particularly China and India.

Shepherding the CDO message

Currently, Blue Cross Life does not have a Chief Data Officer (CDO); however, Gilligan has taken on the role of CDO and he “shepherds the message out” to the various branches of Blue Cross Life. Gilligan called himself the “Chief Proselytizer of Big Data.” Nevertheless, Gilligan anticipates that the complexity of his company’s data will lead to the creation of a CDO position in the near future.

Watch the full interview below, and be sure to check out more of SiliconANGLE and theCUBE’s coverage of MITCDOIQ Symposium 2015.

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