1 / 10

2001 Ratemaking Seminar INT-1: Introduction to Data Management 101 Data Standards / Data Quality

2001 Ratemaking Seminar INT-1: Introduction to Data Management 101 Data Standards / Data Quality. Joan M. Klucarich Fireman’s Fund Insurance Company. Data Standards Who Needs Em and Why?. Trading partners such as insureds, insurers, TPAs, vendors, and brokers

gili
Download Presentation

2001 Ratemaking Seminar INT-1: Introduction to Data Management 101 Data Standards / Data Quality

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 2001Ratemaking SeminarINT-1: Introduction to Data Management 101Data Standards / Data Quality Joan M. Klucarich Fireman’s Fund Insurance Company

  2. Data StandardsWho Needs Em and Why? • Trading partners such as insureds, insurers, TPAs, vendors, and brokers • Various sources use different definitions • Need data that is clean and consistent • Reduce duplication and cost • Numerous indirect benefits • Some obstacles remain

  3. Data StandardsDon’t They Exist Already? • Financial services and some retailers use data standards • Some insurance standards developed for specific applications • Standards are not identical

  4. Data StandardsCurrent Working Groups • IDMA TPA Data Standards Work Group • ACORD • ANSI • RIMS • ISO • WC Insurance Organizations (WCIO)

  5. Data StandardsCurrent Tools • PDRP - GL database for public entities • IDMA Claims Data Exchange Standard • IDMA Policy Data Element Dictionary • IDMA TPA Data Standards White Paper • www.idma.org/DS-announce.html

  6. Data StandardsThe Importance of Partnership • Membership exchange of ACORD/IDMA • Many of the definitions come from existing sources • RIMS April 2000 Data Summit • RIMS March 2001 Claims Data Standards Meeting

  7. ASOP #23: Data Quality • Purpose is to give guidance in: • Selecting data • Reviewing data for appropriateness, reasonableness, and comprehensiveness • Making appropriate disclosures • Does not recommend that actuaries audit data

  8. ASAP #23: Data QualityConsiderations in Selection of Data • Appropriateness for intended purpose • Reasonableness, comprehensiveness, and consistency • Limitations of or modifications to data • Cost and feasibility of alternatives • Sampling methods

  9. ASOP #23: Data QualityDefinition of Data • Numerical, census, or class information • Not actuarial assumptions • Not computer software • Definition of comprehensive • Definition of appropriate

  10. ASAP #23: Data QualityOther Considerations • Imperfect Data • Reliance on Others • Documentation/Disclosure

More Related