The quality of a firm’s data is a product of the proficiency of its systems and the diligence of its staff, and in a perfect world, every employee would complete every required field for every document, without error, 100% of the time.
In reality, this is simply not the case and even the strongest insurance professionals can from time to time miss a field or make an error. While systems can be extremely robust, data entry discrepancies have a hugely detrimental impact on the organisation’s data quality.
For the majority of insurance brokers, maintaining a strong ‘data culture’ and accurate records relies upon frequent regulatory file checks and CPD, both of which provide an invaluable training and oversight measure. However, the sheer volume of data generated by insurance brokers requires a more comprehensive approach to pinpointing issues.
Broker Insights provides a powerful tool to help address this key issue – the Data Quality Report. Broker data uploads are mapped against key parameters and any exceptions, errors or omissions found within the fields uploaded to the platform are flagged within the in-platform Data Quality Report.
This process is carried out with every data upload, which means that brokers can use the outputs of the Data Quality Report to help steer change and strengthen data culture.
Commenting on the process, Andy Whiteley, head of data insight, said: “This simple check and balance process allows firm principals to pinpoint issues and drive improvements.
“The team at Broker Insights has made a concerted effort to help brokers maximise the use of the Data Quality Reports over recent months. As a result, a report into the macro trends amongst our broker community shows that since January 2022, we’ve seen data quality issues reduced by more than two thirds.
“To give this report finding some context, we measure specific data quality issues such as mapping problems for classes of business or missing post codes, and thanks to the Data Quality Report, we’ve reduced the incidence of issues from 1.20% of GWP in Jan to 0.33% of GWP in May 2022.
“Ongoing work amongst our data team, trading team, and broker community aims to continue this downward trend.
“Taking this improvement amongst the broker community into account, I think it would be fair to say that a broker utilising the Broker Insights platform is likely to have a far higher quality of data than those not yet on the platform. Furthermore, the Data Quality reports will help the broker community to maintain a high standard of accuracy, and as a whole, the platform will continue to get better. That’s powerful stuff!”
The importance of this issue extends beyond maximising the commercial potential of data. There is a far-reaching regulatory component which must also be considered. Both the FCA and the ICO give due consideration to data quality, accuracy and completeness. The platform’s Data Quality Report supports brokers in improving or maintaining data quality and demonstrating a concerted approach toward data culture.
If you are interested in learning how Broker Insights can benefit your business, book a demo here.
Brokers who are already on the platform and wish to discuss how to fully utilise the Data Quality Report can contact their Trading Managers.
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