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Insurance firms urged to look at data quality

Rachel Wheeler Archive
Companies in the insurance industry have been advised to check on the quality of their data.

Technology website said that there are three key stages to proper data management.

These are the acquisition of data, which involves the integration of diverse data sources into a single structure, management of data quality and data exploitation or utilization.

According to CIOL, data quality management needs more focus than is currently being allocated to it by the insurance industry.

This is because the majority of firms in the sector have been in business for a long time.

"Most of the big insurance enterprises have been operational for several decades and hence the data available with them may not be 100 per cent accurate," the site explained.

"Many such insurance enterprises still use green screens for systems support and policy administration. Data quality could be maintained and ensured, by continuously checking, correcting and preventing data errors, thereby making data ready for exploitation."