Data is all pervasive.It begins much earlier than the initial stages of client understanding and diligence, and extends far beyond helping revenue generation, encompassing cross and up-selling products or services. It also helps to understand the business risks and verify whether the regulatory compliance needs are met. The insurance industry depends on promises made on paper, which are eventually converted into supporting databases and document repositories. This article elaborates on the types of data, modes of data acquisition, data checks and usage, and the prevalent techniques for data management.
Data sources
Insurance industry's data can broadly be classified as employee-related, distribution-related, customer-related, product-related, operations- related and accounting-related. Of these categories, employee-related data is required purely for internal workforce operations management and the rest have a direct impact on the cost and revenue of the insurance company.
All data is collected and stored in databases, data warehouses and as documents or images.
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