Data profiling esstential to claims management
Informatica, the data integration and data quality consultancy, is warning UK insurance providers that they could risk insufficient scrutiny in the processing of claims from this summer’s floods.
Unprecedented demands have been created by the sheer volume of claims, which are testing out customer data management procedures across the insurance sector.
Informatica is concerned that while many insurers have the capacity to integrate data across their IT systems, few companies are able to ensure that their data can be accurately profiled.
According to the data specialist, data profiling in cases where customer records date back many years is a specific area in need of attention.
Accurate data profiling allows an insurer to make effective correlations between different types of customer data.
Without it insurers risk settling flood claims without the benefit of full visibility of the accuracy of customer information.
Informatica is urging insurers to proactively profile their customer data, as this will provide them with the necessary insight to recognise where and how their business is exposed.
It will also lead them to a better understanding of the management of capital requirements.
Claims for the July floods could top £2.5 billion and the Association of British Insurers has reported that insurers are currently under severe time pressure to process the 50,000 claims for flood damage in the Midlands, West Country and Yorkshire.
Category: Insurance News
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