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Enhancing Data Quality for Business Success

Explore the importance of data quality through uses, benefits, and elements, focusing on IBC safeguards, metrics, improvement tools, and design integration. Dive into the impact on business decisions, fraud detection, and industry analysis.

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Enhancing Data Quality for Business Success

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  1. Importance of Data Quality April 21, 2004

  2. Agenda • Uses & Benefits of Data • Elements of Quality • IBC Data Quality Safeguards • Metrics • Data Quality Improvement Tools • Incorporating Quality into Design • Questions

  3. Uses and Benefits of Data • Provide Industry Analysis • Identify Emerging Industry Issues • Support Lobbying Efforts • Fraud Investigation • Government Rate Filing • Company - Business Decisions • Product, Pricing, Market

  4. Elements of Quality • Validity/Consistency • Completeness • Timeliness • Accuracy Meets the needs of the business!

  5. IBC Data Quality Safeguards • Business Logic / Editing • Testing Facility • Trending Analysis • Tools & Reports • Deficiency Fees • Dedicated IBC Resources • Data Quality Management

  6. IBC Data Quality Safeguards • Accountability • Visibility • CEO Data Quality Report • Data Accuracy Profiles • Compare to Related Data Reporting • Compare to External Sources

  7. IBC Data Quality Safeguards • Compare to Financial Statements • CFO Sign-Off • Internal Actuarial Review • External Actuarial Review • Regulator Review • Compare to Rate Filing

  8. DataSubmission Submission Management Error Management Data Accuracy SNA FTP Errors EDIT Valid Data AccuracyAnalysis Products & Services

  9. Data Quality Management Team Vice President Manager Data Collection & Quality Data Quality Specialist – 1 Data Quality Analysts – 5 Data Entry Staff – 2 Manager Data Accuracy Data Accuracy Analysts – 3

  10. Metrics • 200+ Active Reporting Companies • 6 Statistical Plans • 3 Reporting Types per Plan • 1,400 Data Submissions per Week • 150 Million Data Records per Year • 1.6% of Records have Errors • 2+ Million Records Corrected per Year

  11. All Submitted Data Personal Lines Commercial Liability Commercial Property OSABSP Automobile Facility Automobile 98.38% 99.87% 98.40% 99.71% 91.91% 98.58% 91.76% 2003 Data Metrics

  12. Metrics • 3,200 Pages - Stat Plan Documentation • 1,500 Pages for Automobile • 10 User or Reference Manuals • 5 Web Applications • 1,330 Active User ID’s • 2,000 Client Interactions per Week

  13. D. Q. Improvement Tools • Documentation: • Statistical Plan Manuals • Edit Rules Documentation • Application User Manuals • Reference Manuals • Communication: • Data Quality Bulletins • Tips Emails

  14. D. Q. Improvement Tools • Meetings: • Error Correction Training • Statistical Plan Coding Seminars • Status Meetings • Annual Data Quality Forum • Deficiency Fees: • Monthly Invoice • Detail Reports (showing counts, aging, etc.)

  15. D. Q. Improvement Tools • Reports: • Submission Confirmation Email • Greensheets & Error Listings • Monthly Status Reports • UV Accuracy Reports • OSAB Database • Ad-hoc Reports • CEO Data Quality Report

  16. CEO Data Quality Report

  17. D. Q. Improvement Tools • Analysis: • Submission Process • Data Trending • Data Accuracy • Completeness Checking: • Annual Balance Reconciliation • OSABSP to ASP Balancing

  18. D. Q. Improvement Tools • Website: • Library of Communications/Bulletins • Application Description Information • Frequently Asked Questions • Links to Data Quality Applications • All User & Reference Manuals

  19. D. Q. Improvement Tools • 5 Web Applications: • Prime > Pre-Edit Testing • SMART > Submission Management • Expert > Error Management • EEC > Error Correction • EVC > VIN Correction

  20. DataSubmission Submission Management Error Management Data Quality • EXPERT • PRIME • SMART • EEC • EVC SNA FTP Errors EDIT Valid Data AccuracyAnalysis Products & Services

  21. PRIME • Streamline Testing Process • Automate Detection of Data & Mapping Errors • Identify Required Changes to Company Programs or Translation Tables • Information provided: • Batch Structure Errors • Error Volume • Error Code Frequency • Detail Record Download

  22. SMART • Coordinate Submission Management • On-Line Reconciliation to Confirm Balances • Provides Summary & Detail Submission Information • Allows users to: • Ensure Completeness • Identify Submission Abnormalities

  23. EXPERT • Coordinate Error Management Process • Flexible Search Criteria • Enables User to Identify Trends • Information provided: • Most Frequent Errors • First Time Errors • Repeat Errors • Error Correction Volume • Number of Outstanding Errors

  24. EEC • Streamline Error Correction Process • On-Line Access to Correct Errors • Refreshed Daily • Allows users to: • Improve Timeliness of Error Correction • Improve Productivity Through Bulk Correction • Reduce Paper and Courier Fees • Reduce Deficiency Fees

  25. Questions?

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