(US & Canada) VIDEO | Creating a Data Culture Is a Continuous Journey — Thrivent CDO

Sravan Kasarla, Chief Data Officer at Thrivent speaks with Savio Rodrigues, Head of New Business Acquisition (NBA), Trianz and Editorial Board Member at CDO Magazine, in a video interview about the organization’s business, organizational data strategies, building the enterprise data foundation, fostering data-driven culture, promoting collaboration, transforming into a digital and client-first organization, and exploring emerging technologies with guardrails.

Kasarla introduces Thrivent as a Fortune 500 diversified financial services organization that leads in advice, investments, insurance, banking, and generosity programs and solutions. He says that the company’s suite of products is rooted in generosity and community service which sets the organization apart. With US$ 162 billion worth of assets and a balance sheet with a massive surplus, Kasarla states that Thrivent is financially very stable.

Speaking on the organizational data management aspect, Kasarla states that any emerging technology must have a solid data foundation to be successful. He mentions the hallucinations in ChatGPT as an example of the need for good data foundations.

As a data officer, his responsibility includes data strategy to delivery to governance and also enabling emerging technologies such as generative AI.

Kasarla lays down three major components of the data strategy:

1. Expand data availability

2. Enable self-service

3. Scale insights and power data-driven digital experiences

Explaining further, Kasarla states that the goal is to create data for common consumption by having a breadth and depth of data, business functions, and products and services. Further, by enabling self-service, the organization aims to make the trusted foundational data available to everyone to use as per needs and use cases.

Kasarla mentions that although it is a multi-year journey, the organization is building its enterprise data foundation, and the goal is to scale insights and power data-driven digital experiences for Thrivent.

Moving forward, he highlights the approach to data governance. Kasarla notes that the organization is looking at it as a business enablement strategy. Although Thrivent wants to enable self-service as a means of delivery, the data in the data foundation is governed from the beginning, he adds.

Delving deeper, Kasarla says that Thrivent is making data understandable from the get-go by building data quality, describability, and discoverability. He says that the role of data governance is to check if the data is right, if it is being used for the right purposes, and whether the outcomes are in compliance with regulations or commitments towards the clients.

Thrivent is building these capabilities as it builds the data foundation, says Kasarla. He further emphasizes that while data governance is a critical function, it is more in tune with the business and capacity enablement through data foundation, as opposed to the top-down approach.

According to Kasarla, the top-down approach is still required, but the sequencing and prioritization of enabling business capabilities and populating data foundation will address the data governance needed at that point. He recounts that it is more of an active data governance, rooted in enablement.

When asked about fostering a data-driven culture, Kasarla states that creating a data culture is not an event but a continuous journey. For Thrivent, it started with creating a common data foundation, bringing stakeholders to understand the roadmap, and focusing on data literacy.

Adding on, Kasarla states that having that foundational platform allows everybody to access the data through self-service. He continues that the organization is trying to create that collaboration in two ways:

1. Assessing the approach to the data ecosystem

2. Adopting product model as a company

He notes that all data capabilities are within the product model. The main differentiator of the product model from other operating models is that Thrivent has kept client needs at the center while building capabilities.

Furthermore, Kasarla mentions establishing a working group of key stakeholders coming from reporting analytics, business operations, and digital experiences, who participate in sequencing roadmaps. He also mentions creating executive-level collaboration calling it the data and analytics leadership council that influences decision-making to ensure prioritization as an enterprise.

In continuation, Kasarla discusses establishing a data marketplace, where as an enterprise, Thrivent publishes its apps or data sets for anyone to consume. He explains that other businesses may also publish their own data sets as it promotes collaboration. Kasarla affirms establishing collaboration from a data, technology, process, and communication perspective.

Delving further, he states that Thrivent is building momentum to transform into a digital-first and client-first organization. He adds that it boils down to driving insights and enabling personalized experiences for advisors and clients.

Referring to the adoption of emerging technologies within the data management space, Kasarla Stresses that the insurance industry has been leveraging statistical modeling even before computers existed. He says that machine learning and statistical modeling have been a part of the industry for decades.

However, now, the organization has started adopting AI and machine learning that are used in customer segmentation and creating personalized experiences. Kasarla asserts that Thrivent is also improving underwriting using machine learning. As a result, there has been a significant reduction in manual reviews.

Furthermore, Kasarla affirms that the organization is open to exploring generative AI while establishing a common set of guidelines. He says that privacy, technology, and data come together to provide guidance.

Thereafter, Kasarla states that the organization also provides the right education and experimentation opportunities using emerging technologies that are more managed and secure. Some of the use cases that the organization plans to go after are enhanced search and summarization. Cybersecurity and fraud prevention is another great area to focus on, he adds.

In conclusion, Kasarla affirms starting small and encourages experimentation and applying the right tools. He says that it is not about running after a shiny tool, but rather having a process or discipline to talk about.

CDO Magazine appreciates Sravan Kasarla for sharing his insights with our global community.