Expertise live: Data validation

Inaccurate, fraudulent and mis-matched data can cause all sorts of problems for the insurance industry, according to the brokers and insurers at the event.

Attendees, including Alanda Reynolds, head of personal lines underwriting fraud at Zurich, discussed whether data validation issues have become more of a problem for companies in recent years.

Another topic that participants, which also included Ian McManus, head of personal lines broker at Zurich, debated was the support that providers lend.

In addition the discussion touched on the question of whether it is easier to validate information when dealing with niche areas of business.

Collaboration
The whitepaper that came from the event, available on Insurance Hound, studies why collaboration holds the key to fixing data quality for the long term health of the broker channel.

Does taking information at face value count for nothing? In the insurance world, the answer is ‘yes'.

No matter how established a client relationship may be, many brokers and broker-facing insurers need to sharpen up their data validation processes.

Direct writers know the value of making checks and those focused on the broker channel need to see the same standards implemented.

Good progress is being made and Zurich research has uncovered the levels of checks in the broking channel are not dissimilar to experience in the direct channel, but there is always room for improvement.

Download Zurich's whitepaper and check out this infographic which illustrates effective data strategies for brokers by highlighting ten simple steps intermediaries can use to defend honest customers and protect brokers' profits.

The full list of broker attendees was:

Martin Oliver, former CEO of Allen & Allen
Kevin Holliday, chief executive at CSIS
Andy Morton, general manager at Herts Insurance Consultants
Dave Bard, chairman of Academy
Lisa Powis, chief executive at Fresh
John Brewer, director at Be Wiser