Data cleansing and fuzzy matching is a critical function to business success in every industry. Within the insurance industry, this function is even more critical. Compliance and regulatory requirements require data to be clean and usable to prevent fraud that can cost the industry millions. There never has been a stronger case for accuracy of data and an effective data cleansing initiative. C-Level executives of insurance companies must dedicate significant efforts with data accuracy to ensure success.
Data Ladder recently worked with C-Level executives at a leading insurance company. They had found their current system does not have a hard edit function where payee names can pre-populate, so those managing and entering information in the database can just key in any type of information. If any query was run against the main data warehouse, a long list of duplicate information would pop up. The result of this would cause problems with vendor names not aggregating appropriately.
After using the data cleansing software to remove all special characters and spaces, the client then used a unique identifier on each record in question. From there the client went back and was able to replace all of the payee names. With the best in class data cleansing software and fuzzy matching capabilities, combined with customized training by Data Ladder specialists, the insurance company was finally able create several confidential reports required by the industry, something they were not able to do before. With the ability to constantly monitor data and locate certain records quickly, they could use Data Match to look at information and make sure that payments were processed correctly and without human error.
Requests for Data Match software are becoming more frequent within the organization. With the support and backing of the company’s C-Level executives, Data Match has become a main resource for data cleansing and fuzzy matching needs. With existing regulatory requirements around fraud reporting – those in the insurance industry need to have these reports accurate. By partnering with Data Ladder, our software will create these reports with accurate data and ensure compliance. Please contact us for a free trial download of our software.