Insurance companies must ensure that they maintain a high level of data quality to maintain services.
According to a recent white paper released by Experian QAS, the issue affects an insurer's ability to "issue a policy, execute a claim or even communicate with policy holders".
The news may encourage a number of businesses in the industry to invest in data quality tools to improve the service which they offer.
Indeed, IT industry analyst Gartner has forecast that the data quality tools market will experience annual growth of 12 per cent for the next five years as more companies realise its importance to their business strategy.
In addition to improving data quality, a recent article for Insurance Technology suggested that to maintain an edge in a competitive industry, insurance companies are now focusing on improving their customer relationship management (CRM) strategies.
"CRM in insurance starts with a single, complete, real-time enterprise view, so that call center representatives, agents and brokers can understand and serve every facet of individual customers," the article explained.
Posted by Paul Newman