Improving Data Quality for the Insurance Industry – Why and How

How does an insurance company determine who is and who isn’t eligible for a policy? How do they decide on the premium that must be paid? How do they know which claims should be settled and which are fraudulent? The answers to all these questions can be unlocked using data.As we all know, insurance is a customer centric industry and highly dependent on data. It would be fair to call data the foundation for the industry. Just as how a house built on a weak foundation will collapse, an insurance company that uses poor quality data cannot be expected to be successful. Let’s find out how data quality can make or break your insurance business. 4 Ways poor data quality affect the insurance industry?Well, improving data quality is a fundamental challenge for this sector. Some of the ways it can create roadblocks for the insurance industry are:1. It Compromises Customer ExperienceApart from the policies offered, it’s the ease of applying for an insurance policy and the customer experience that keeps customers loyal to a company. If the company uses poor quality data, communication between them and the customer will be flawed. This could be as ...


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