In these tough times, insurance companies need to attract the right customers, price correctly, write the right business, decline high-risk business, mitigate risk, reserve correctly while maintaining cash flow, manage outstanding claims and get the best re-insurance deals and minimize operating expense. Just imagine then, the impact on core insurance operational and analytical processes if the data flowing through these processes is unreliable.
Only when data is trusted can it be used in confidence in all insurance operational and analytical process activities. Guaranteeing reliable data therefore is an obligation all companies should strive for. This means companies need to invest in the necessary people, processes and technology required to govern their data on an enterprise wide basis.
This paper examines the impact of unreliable data on insurance companies. It then defines the requirements needed to guarantee data reliability in insurance and offers a practical approach to creating and governing that data. It then shows how you can get started in making trusted data available in to help improve marketing, underwriting and claims efficiency, risk management, reserving, customer service, compliance and profitability.
