How Insurers Can Improve Data Quality
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How Insurers Can Improve Data Quality

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FCCI Insurance Group talks with Experian QAS about their experiences with improving data quality, how they went about selecting a solution, and how their data quality has improved using Experian QAS ...

FCCI Insurance Group talks with Experian QAS about their experiences with improving data quality, how they went about selecting a solution, and how their data quality has improved using Experian QAS products.

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  • And I understand you all just purchased QAS Pro Web for your agent portal. What drove you to purchase this product and what benefits do you expect to see from the tool?After Question:Well Ruben and Ginny I want to thank you for answering those questions, I am sure it was a great help to the listeners on the line. We are going to bring Ruben and Ginny back in just a few minutes to answer questions, but I wanted to move now into some market research that Experian QAS performed on the insurance industry as a whole.
  • A lot of this works hand in hand with what Ruben and Ginny spoke about a minute ago, but on the screen are a few statistics from a data quality survey we sent out to insurance organizations here in the US. We asked questions around data quality and wanted to find out why insurers maintain data, what the common errors are, what causes those errors, and what is their effect. So the answers to those questions are in these bullets. We found that the main reason insurers maintain contact records is to reduce expenses, improve customer satisfaction and increase efficiency. These are some of the benefits that FCCI saw by improving data quality. In order to be competitive with other organizations, insurers need to make sure they are running lean, cost effective organizations, but they also have to maintain their customers. There is a lot of turnover within the industry so the longer an insurer can keep a policy holder, the more profitable that policy becomes. This can be done by improving the delivery of communications or the speed in which a claim is processed. Even though this may seem simple, you don’t want to give a policyholder a reason to leave simply because you got a piece of contact data wrong.Then we asked about common errors, these were missing data, outdated information and spelling mistakes. Ruben saw these errors as well before they put a verification tool in place. These errors are mainly caused by human error. We are all prone to mistype things, especially when we are in a hurry, which many agents and call center reps are or customers who are filling out information in a self-service portal. So to prevent these errors, it is important to put a verification tool in the process to make sure human error isn't’ entering the system and data is verified before it enters business processes.But what affect is that bad data having on the system? Well first there can be lost customers, poor brand perception and staff ineffiency. But if we look at this from a hard dollar perspective, 64% of insurers say they waste 6% or more of their annual marketing budget on bad data. That is hard dollars that can be put directly back into the business if information is corrected. But correcting that data isn't without its difficulty. When we asked what the barriers are to cleaning this data. Respondents cited budget, staff errors, the volume of errors and then the knowledge of changes. A lot of these barriers can be corrected by placing a tool at data points of capture. It will make sure data is correct before it enters the system. For budget though, that is something your organization has to decide. Figure out what bad data is actually costing the organization by looking at staff time spent correcting inaccurate data and the cost of return mail. All of these things add up and you may be surprised what kind of return on investment you could get by correcting data.
  • Now that we have covered off that research, I am going to bring Brian on the line to give us a demonstration of QAS Pro. Brian, take it away.

How Insurers Can Improve Data Quality How Insurers Can Improve Data Quality Presentation Transcript

  • How Insurers Can Improve Data Quality
    A Q&A with FCCI Insurance Group
    Teleconference: Dial-in: 1-877-681-3373 Passcode: 9121161
  • Welcome!Introductions and Overview of Today’s Session
    Q&A with FCCI Insurance Group on impacts of address verification
    Today’s speaker:
    Ruben Marte – Manager of Applications
    Ginny Swan – Systems Analyst Specialist
    Data quality research
    Experian QAS product demonstration
    Brian Sonneborn – Account Manager
    Questions from the audience
  • Ruben Marte
    Manager of Applications
    Ginny Swan
    Systems Analyst Specialist
    FCCI Insurance Group
    FCCI provides commercial property and casualty insurance to more than 17,000 policyholders in 14 states. Rated A- (Excellent) by A.M. Best Company, FCCI is headquartered in Sarasota, Fla. And has regional offices in Sarasota; Duluth, Ga.; Carmel Ind.; and Jackson, Miss.
    The insurer started in 1959 and its products include automotive, property, general liability, workers compensation, and agriculture.
    1. Will you introduce yourselves and your roles and give a brief overview of your organization?
  • 2. What are the internal, operational repercussions of bad address data? How does it hurt your organization?
    Rework required deters from core job responsibilities
    Inaccurate risk and model data
    Costs add up from inefficiency
  • 3. How do address errors get into your system/processes?
    Address data is provided by a customer
    Errors occur when Agents and Call Center Reps type the information wrong
    Misinterpret the policyholder’s address
    Spelling or fat-fingering issues
  • 4. How did you start your address data quality initiative and ultimately select software?
    Reviewed several solutions from providers
    Needed address verification and geo-location information
    Reviewed QAS Pro and QAS Pro Web tools and liked the products
    Integrated into Guidewire and Vertafore
    QAS TigerZip data appends latitude and longitude information
    QAS Batch cleans and maintains existing database
  • 5. What was your experience training your staff to use Experian QAS products?
    Very little training was needed
    Experian QAS staff trained FCCI staff members
    Users needed to get accustomed to workflow
  • 6. What results have you seen since implementing Experian QAS address verification tools?
    Reduced returned mail
    Improved risk modeling
    Faster address entry process
    Improved efficiency
    Reduced unnecessary expenses
  • Insurance Data Quality Statistics
    Insurers maintain contact records to save costs, enhance customer satisfaction and increase efficiency
    Missing or incomplete data, outdated information and spelling mistakes are the main errors in an insurer’s database
    64% of insurers waste 6% or more of their annual marketing budget on bad data
    Budget, staff errors, large volume of errors, and knowledge of changes are cited as the main barriers to accurate contact data
  • PRODUCT DEMONSTRATIONQAS Pro
  • QASProducts & services
    Real-time verification
    Clean & enhance
    Clean
    • QAS Batch
    • QAS Bulk Processing
    • Phone & Email Batch
    Enhance
    • QAS Unify
    • NCOALink®
    Address
    • QAS Pro
    • QAS Pro On Demand
    • QAS Pro Web
    • QAS Pro API
    Phone and Email
    • QAS Phone
    • QAS Email
  • Please visit www.qas.com for more information.