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Data quality helps insurance industry 'cut costs'

Individuals working in the insurance industry could find that they are able to reduce their bottom-line expenses by introducing an effective data quality strategy.

Writing for InsuranceTech.com, Thomas Schutz, senior vice-president and general manager of Experian QAS, explained that storing accurate contact data will help organizations improve their efficiency and in turn reduce costs.

The expert added that by implementing data quality programs and reducing costs through storing accurate contact data, insurers would be able to provide a high level of customer service while maintaining the "lean operating costs required by investors".

"Once insurers can identify how data quality errors are entering their database, processes can be put into place to correct information. The most common practices for insurance organizations to clean contact data include staff training, software tools and staff measurement," Mr Schutz said.

Research conducted by Experian QAS last year found that the main reason insurers maintain quality contact records is to reduce costs.

Posted by Paul NewmanADNFCR-2366-ID-800362327-ADNFCR

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