The insurance industry is increasingly reliant on data, with most decisions made based on concrete information and the analysis of it. Collecting vital data assists companies in rate quoting, risk analysis, marketing campaigns, fraud detection and overall business intelligence, but accuracy is key and new systems are helping firms wipe out old-age manual processes which compromise reliability and quality.
With delegated authorities forming such a large part of Lloyd’s premium income, there is clearly a problem with the sheer volume of data coming into the market. With much of that data in an unstructured and non-standardised format, getting a handle on the data causes a major issue for insurers. Cross-checking and validating thousands of lines of data is an arduous task, and the repetitiveness of this job can result in inconsistencies and errors, often meaning that breaches of contract terms go unnoticed.
Data also needs to be properly cleansed and validated. Through in-depth checks against binder terms, insurers should go above and beyond to make sure the data they receive is completely authenticated. Carrying out the standard checks is a must, but it is important to be absolutely thorough to ensure data is entirely refined.
So how can insurers make sure that data can be better understood? Firstly, incoming data needs to be mapped to a standard format to ensure all data is completely digestible for the purpose of analysis. Next, targeting the data’s source is key once the analysis is finished; data errors should always be returned to the data provider after issues have been recognised. With a bit of education, the data quality should improve over time. Finally, if data can be supplied in a reliable XML format this will massively reduce errors.
A solution? Enter VIPR’s Intrali – Bordereaux Management Software. It cleanses, validates and standardises large amounts of data in a single action, quickly importing and converting multiple data formats to a single template determined by the recipient, making it easy to report on and analyse. For further simplification, Intrali also automatically creates a spreadsheet for data with errors marked up, which can be sent back to the data provider to identify issues in the data.
Although large sets of data might seem intimidating, it is no longer compulsory for insurance firms to comb through information manually. Software systems such as Intrali save insurers time, cost and energy by transacting business in a quick, efficient and accurate way, helping improve data quality for the long-term.
Existing VIPR clients are finding that Intrali can also help with Solvency II reporting. The system is quick and easy to install with VIPR’s latest client going from contract signing to live in just 7 weeks. Interested in implementing VIPR’s Intrali – Bordereaux Management Software? Click here to find out more.