Data is the lifeblood of the insurance and finance industries. From telematics data to credit checks, data quality in financial services is used to inform almost every decision. It’s crucial that you have access to accurate and up-to-date data analysis to help you stay ahead of competitors and assess your portfolio of risk. In some cases, a lot of the data management in financial services can be littered with inaccuracies, as well as a lack of quality and testing.
Data quality in insurance and financial services should be handed with care. All too often, companies will mould together legacy systems with new architecture which can damage your ability to trace and process data effectively.
Improving data quality in Financial Services
Many companies in the insurance and financial sectors are under pressure to address data quality issues, but don’t necessarily have the ability, time or resource to solve them quickly. The move to online platforms, as well as being at the mercy of comparison sites, has increased the amount of data available.
Data analysis and storage should be at the very heart of companies in this industry, in order to improve compliance, risk assessment and staff efficiency.
In most cases, insurance and financial companies find themselves experiencing the following issues.
1. Lack of visibility around data quality
2. Lack of accountability and poor performance across campaigns
3. Difficulty recruiting the right talent
4. Inadequate or outdated testing services
How can ids help?
We have a number of data quality assurance solutions to these common issues across the financial service sector, providing the ability to cleanse, monitor and manage your data in order to improve its quality and its value.