How important is Data Quality?
Much like oil for an engine, Data is the resource that will determine if your business is up for a long run. More than ever, Data Quality is essential to run a successful business. A survey conducted by the Data Warehouse Institute covering 647 companies in various industries demonstrates how impactful data quality can be. The results are unequivocal.
In the insurance industry, data plays an even more important part because it is used in every area of the business such as actuarial, risk management, accounting, asset management and even marketing and commercial. Moreover, the industry has faced a number of challenges during the last few years, such as:
- The volume of data to deal with has been growing significantly
- Insurance practices are getting more industrialized, as a consequence, data management is getting even more complex
- Regulatory pressure impose higher quality requirements and tighter deadlines for reporting the information, therefore limiting the possibility to control and correct the data if needed
“Why do I need to establish a Data Quality Framework?”
Anticipating and preventing the cost of Data Quality is crucial. Many of the costs are often not considered by the companies.
Not paying enough attention to Data Quality will become a vicious circle soon enough