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Data quality central to best practice in insurance sector
Jun 19 2009, 10:17 AM
Data quality is of paramount importance to all those working in the insurance industry, a financial expert has stated.
Writing on InsuranceNetworking.com, Ara Trembly explains that the main preoccupation of the insurance sector - carrying out risk assessments - is heavily dependant on data quality.
Yet insurance companies recognise they still have much to do to improve best practice in database management, with streamlined and centralised data still not yet the norm.
Chief Information Officer at Great American Insurance Piyush Singh told the news provider: "Quality goes down when we don't analyse the data well."
He added that making use of data which is riddled with errors and inaccuracies is not an easy task.
Stephen Bryne, Vice President of Agency & Field Automation Technologies at Harleysville Insurance also agreed that the credibility of any information they hold hinges on data quality.
Earlier this month (June 7th-10th), the IASA Annual Educational Conference and Business show saw experts on data security discuss the issue and ask what if anything could be done to make data less vulnerable to identity fraudsters.
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