Brokers Utilize Platform Feature to Enhance Data Quality

The quality of an organization’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 organization’s data quality. 

For the majority of insurance brokers, maintaining a strong ‘data culture’ and accurate records relies upon frequent file checks and CPD, both of which provide an invaluable training and management 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 makes a concerted effort to help brokers maximize the use of the Data Quality Reports. As a result, a report into the macro trends amongst our broker community shows that since January 2022, we’ve seen data quality issues reduce 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 risk location data, and thanks to the Data Quality Report, we’ve reduced the incidence of issues from 1.20% of GWP in January to 0.33% of GWP in May 2022. That’s powerful stuff!”