Data Quality Matters: How Insurers are Benefiting from Optimal Processes and Accurate Analysis
Data's value depends on its accuracy, its timeliness and whether it's complete.
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.
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.
