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Data is the lifeblood of both the insurance and the finance industry. From telematics data in the auto insurance industry to credit checks in the finance industry. It is used to inform virtually every decision these companies make about whether they are willing to pay out or offer a finance package. Accurate and up-to-the-minute data analysis helps these companies assess their portfolios of risk and ensures they are able to keep up, or get ahead, of their competitors.

Without data, the market would look unrecognisable. Sadly though, the majority of data out there is littered with inaccuracies and is generally very poor quality. Here at ids, we’ve seen this problem time and again with companies in both industries. Too often, data, which is increasingly being brought in from numerous different sources, is lacking in quality or hasn’t been tested enough.

If you work in these industries and want to improve the integrity of your data by working with a company that can offer you bespoke solutions then get in touch with our team today.

Problem 1

Our Solution: iData

The insurance industry’s data pool is constantly growing. So, ensuring that the information you have to price insurance policies, based on complex risk assessment procedures, is clean, monitored and de-duplicated has never been more important. When it comes to insurance software testing, iData will manage 100% of your data and generate scripts based on the data it is examining. In a world where big data is able to correlate behaviour with risk, your insurance firm can’t afford to not have this specialist data quality enhancer. iData’s main focus is providing you with reusable data quality assets that can be checked quickly based on your pre-determined quality expectations.

Problem 2

Our Solution: iJira

In the complex world of insurance software testing, tying every element of a project down to one singular version of the truth is hard. iJira will help you and your team ensure accountability is high and stakeholders and people of note can check on the status of each individual element of a project or task anywhere, anytime. We’ll help you create bespoke dashboards so you can remove any risk, ambiguity or surprises about the quality of software or project. Our iJira tool will ensure you have good audit trails and good data on which to create compliance reports.

Problem 3

Our Solution: iResource

Ensure you have all the tools available to find your next perfect hire with iResource. Whether you’re looking for a test manager, data officer, data quality officer or someone in the Jira space, iResource will consistently measure the quality of potential candidates throughout the recruitment process. Too often projects to do with insurance software testing suffer from poor ROI, delays and miss spent budget because of poor recruitment. Recruiting is a costly, time-consuming business at the best of times and in a fast-paced insurance word you need a recruiting service that can get it right the first time, every time.

Problem 4

Our Solution: iTesting

Our suite of testing tools, from software quality assurance and automation testing to pentest and stress tests, will ensure that whatever line of insurance you’re in, be it home insurance, property insurance, life insurance or health insurance, you’ll have the tools available to test ever-increasing amounts of data. Profile the data you have more quickly, make changes and be in a position to demonstrate data issues to businesses that are investing. Test all aspects of the insurance data that matters to you with iTesting, these tools will make sure the data you have can handle numerous environments, is safe from potential security hacks and has a high standard of quality.

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Importance Of Data In Insurance & Finance

As we touched on earlier, insurance data quality and financial data quality is vital. If there’s just a crumb of uncertainty over data quality, it can have a real, brutal cost for insurers and financiers. And, with just 24% of people saying they feel ‘very confident’ that they are using the most accurate data, it seems there is quite a lot of uncertainty out there.

Data needs to be handled with care and too often big companies meld together legacy systems and new architecture which damages their ability to trace the data and allows for erroneous processing. It also creates multi-layered, redundant IT systems with a lack of common data models, data structures and data definitions.

It’s not hyperbolic to say that a large insurer may have hundreds of spreadsheets in their own silos that are full of duplicate data, presented in different formats. It’s scary to think decisions are being made with these legacy systems in place.

The insurance & finance industry, then, finds itself at a crossroads of knowing it’s under pressure to address the data-quality issues but not having the ability to quickly solve them due to years of malpractice.

Why Is Data Testing And Data Quality Assurance Important In Insurance And Finance?

The insurance and finance markets are now at the behest of comparison sites and different consumer behaviour. This move online has significantly increased the amount of data available.

Data analysis and data storage need to be at the heart of all finance and insurance companies, as this will allow them to create consumer-centric experiences. Why? Because put simply, they will have more accurate data. This allows them to have a single customer viewpoint which improves regulation compliance, risk assessment and staff efficiency.

While these challenges around big data, data testing and quality assurance are big, they are not elusive. By implementing an automated testing framework into your IT infrastructure you’ll quickly be able to weed out the poor quality data.

Discover all of our products...

As well as the products listed above, we also have many other products to improve your companies data quality & testing solutions. Explore the rest of our product suite below.

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Data Quality Engineering