With the onslaught of Big Data and more sophisticated business intelligence and analytics, data quality will be more important than ever to insurers in 2012. The experts say you can't get there without clean, accessible data. Poor contact data affects a variety of operations, from underwriting to policy service. But from a cost perspective, inaccurate contact data can have a significant impact on insurers. In a September 2011 report "Why is Data Quality Important for Insurers?" Deloitte lists four reasons:
1. Poor data quality is expensive: 10 percent of revenue.
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