On its surface, the data-rich insurance industry seems like a perfect match for today’s sophisticated business intelligence and analytics technologies. But many carriers are learning a harsh rule of data: Garbage in, garbage out.
For insurers, data quality can be a tough nut to crack and the value of the output from any analytics technology is directly related to its inputs. And data constantly flows into carriers from different sources and gets processed through different systems. In a dynamic and fragmented computing environment, it’s not surprising that insurers have trouble identifying that a customer who just purchased a new homeowner’s policy is the same customer whose 20-year-old term life policy is about to expire.
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