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 have a host of internal and external resources to assess confidence in their data.
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.
Seeking or using unnecessary information could become an impediment in attracting and acquiring customers.
There is no substitute for actually examining raw data, which often yields surprises in how information is organized and described.
