Data Quality Matters: How Insurers are Benefiting from Optimal Processes and Accurate Analysis
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.
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.
Seeking or using unnecessary information could become an impediment in attracting and acquiring customers.
Insurers are acquiring lots of data, but not everyone is maximizing its use.
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.
