Data Quality Matters: How Insurers are Benefiting from Optimal Processes and Accurate Analysis
Insurers that acquire data need to know how it was collected, that it was cleaned and verified and how it will fit into future developments.
Data's value depends on its accuracy, its timeliness and whether it's complete.
Evaluations based on historical information should take into account not only when events took place, but when that information was available to those who could have utilized the information.
Insurers are acquiring lots of data, but not everyone is maximizing its use.
Acquired data may come from original collection efforts, or it could simply be a third-party purchase. Being able to answer questions about the data is crucial.
