In the insurance industry, the ability to understand risk is the key to success and growth. From the individual policy holder to the Fortune 500 company, an insurer must understand every aspect of the liability they are about to take on. With such a large amount of variables, an insurer must be able to tap into data that provides accurate indicators as to the assumed risks. Without accurate data, insurers would be significantly less likely to take on risk. This lack of confidence would inhibit both the growth and prosperity of both individuals and industry.
Insurers maintain intricate and detailed data on insured and performance data on industry trends. These databases contain intricate and detailed data that can easily contain errors. Misspelled names, addresses and contact information are the most common areas for data entry errors. Having these types of errors, can allow for multiple entries, as shown in the table below:
Company Address City St ZIP® Phone
———— —————– ———— — ———- ————–
1 ACME INC. 555 E. MAIN ST BURBANK CA 91505-4356 (818) 740-8283
2 ACME PRODUCTS 555 E. MAIN STREET BURBANK CA 91505 (818) 740-8283
3 ACME COMPANY 555 EAST MAIN BURBANK CA 91505 818-740-8283
4 ACME INCORP. 555 MAIN BURBANK CA 91505-4356 740-8283
5 ACME 555 EAST MAIN ST BURBANK CA 91505 818-740-8283
By correcting these simple but numerous errors, the database becomes a powerful tool in assessing risk. Insurers are able to quickly access actionable data, which leads to timely assessment of risk and decisions on action. Without clean and agile data, growth and prosperity across both personal and business sectors would be significantly reduced.
When looking to improve their database management programs, the insurance industry looks to record linkage tools such as those offered by Data Ladder for their industry expertise and software agility. Data Ladder is the perfect partner and advisor to ensure accurate databases for timely and accurate risk assessment. Stop by Data Ladder and download a free demonstration of our tools.