Data Quality Matters: How Insurers are Benefiting from Optimal Processes and Accurate Analysis
Seeking or using unnecessary information could become an impediment in attracting and acquiring customers.
Data's value depends on its accuracy, its timeliness and whether it's complete.
There is no substitute for actually examining raw data, which often yields surprises in how information is organized and described.
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.
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.
