DATA CONFIDENCE ASSESSMENT
PURPOSE
A solid data foundation is key to any efficient and profitable business. If you’re like most insurance organizations going through a significant transformation project, you likely invested a lot of time and resources in getting your data right. So why are you still skeptical when you can’t reconcile the information you get from various reports and extracts?
A solid data foundation is key to any efficient and profitable business. If you’re like most insurance organizations going through a significant transformation project, you likely invested a lot of time and resources in getting your data right. So why are you still skeptical when you can’t reconcile the information you get from various reports and extracts?
The solution may not be an overhaul of your underlying data, but rather, the issue may lie with data definitions, code assignment, or how you define metrics from one report to another. A simple assessment can avoid:
Frustration with management reports that don’t reconcile.
Concerns that what you’re seeing is not an accurate picture of your business.
Skepticism about using your current data for new initiatives such as pricing optimization or use of AI.
Frustration with management reports that don’t reconcile.
Concerns that what you’re seeing is not an accurate picture of your business.
Skepticism about using your current data for new initiatives such as pricing optimization or use of AI.
OBJECTIVE
Document and validate all aspects of the current data foundation and recommend areas of improvement to increase the level of confidence in the organization’s data. Confidence in your data means confidence in the information you’re seeing today – no more second-guessing – and avoiding delays and pitfalls tomorrow.
APPROACH
A “Nuts & Bolts Old School Data Assessment” uses simple steps to document and validate your current data across all reports, extracts and sources and provide recommendations using industry experience and knowledge.
REPORTS • SOURCES • CODING • METRICS
DELIVERABLES (estimated effort)
Reports:
Create a comprehensive list of all reports used by various functions within the organization including the information needed for day-to-day management of business units. Identity and document current and planned data extracts for project work, such as rating improvement initiatives. (20%)
Sources:
Identify and document the data sources and systems used to generate the various reports and extracts currently required. (15%)
Coding:
Document and validate the current coding procedures and identify any potential issues associated with the existing assignment of codes used for policies and claims. Conduct audits of sample policies and claims as necessary. (30%)
Metrics:
Document and validate the definition of all data elements and metrics used in the various reports and extracts, such as Written and Earned Premium, Loss Ratio, Claim Counts, etc. for consistency across reports. (30%)
Final Report of findings and recommendations: (5%)
ADVANTAGE OF WORKING WITH INDATECH
More than 30 years of experience working exclusively with Canadian P&C insurance industry data and technology. Several data reconciliation and integration projects with small, medium and large insurers. Recent experience working with several small insurers on rating projects including validation and analysis of data.
Potential continuance of services with rating and technology initiatives, having acquired in-depth knowledge of the current data foundation after conducting a detailed data assessment and having worked with past and current clients on similar initiatives.
Document and validate all aspects of the current data foundation and recommend areas of improvement to increase the level of confidence in the organization’s data. Confidence in your data means confidence in the information you’re seeing today – no more second-guessing – and avoiding delays and pitfalls tomorrow.
APPROACH
A “Nuts & Bolts Old School Data Assessment” uses simple steps to document and validate your current data across all reports, extracts and sources and provide recommendations using industry experience and knowledge.
REPORTS • SOURCES • CODING • METRICS
DELIVERABLES (estimated effort)
Reports:
Create a comprehensive list of all reports used by various functions within the organization including the information needed for day-to-day management of business units. Identity and document current and planned data extracts for project work, such as rating improvement initiatives. (20%)
Sources:
Identify and document the data sources and systems used to generate the various reports and extracts currently required. (15%)
Coding:
Document and validate the current coding procedures and identify any potential issues associated with the existing assignment of codes used for policies and claims. Conduct audits of sample policies and claims as necessary. (30%)
Metrics:
Document and validate the definition of all data elements and metrics used in the various reports and extracts, such as Written and Earned Premium, Loss Ratio, Claim Counts, etc. for consistency across reports. (30%)
Final Report of findings and recommendations: (5%)
ADVANTAGE OF WORKING WITH INDATECH
More than 30 years of experience working exclusively with Canadian P&C insurance industry data and technology. Several data reconciliation and integration projects with small, medium and large insurers. Recent experience working with several small insurers on rating projects including validation and analysis of data.
Potential continuance of services with rating and technology initiatives, having acquired in-depth knowledge of the current data foundation after conducting a detailed data assessment and having worked with past and current clients on similar initiatives.
Advancing the business of insurance through data and technology
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