According to Insurance Networking News, the insurance industry will soon be the site of rapid investment in more data quality efforts. The source referred to the results of a new Strategy Meets Action survey that described the rising importance of big data and analytics processes in insurance. These heavily information-driven processes rely on data management.
"Analytics hold great promise for the insurance industry, including the application of traditional business intelligence approaches, as well as advanced techniques such as predictive models and big data," said SMA's Mark Breading, according to the source. "The keys to success for insurers are improving data quality and data management, and creating a corporate culture based on management by analytics."
The source stated that analytics processes and data use as a whole are on the rise in new parts of insurance firms. Insurance Networking News reported that the SMA study found insurance agents branching out into analytics projects directly dealing with customer data instead of internal operations figures.
ZDNet contributor Jamie Yap succinctly explained the problems that may be facing industries headed down the path to better data management practices. She stated that data quality is sometimes overlooked by IT users in favor of other initiatives that are flashier or immediately appealing, but she contended that data quality is central to analytics efforts.