Manual data entry between systems is usually the root cause of error-riddled data. Clean and accurate data is not only a necessity from an Errors and Omission (E&O) perspective, it also helps to vastly improve operational processes. While most insurance agencies strive to maintain clean data, there are numerous opportunities for even minor data entry mistakes to impact downstream reporting and client retention. Agencies need to invest in proactive methods to keep their data clean, accurate, and duplicate-free on a continuous basis.
Many core insurance agency processes depend on the large amounts of data the agency collects daily. From issuing new policies, to renewals, or additional endorsements, all of these processes can only be successfully completed if agents have access to clean data. Agencies in most cases resort to manually cleansing data when they find errors, but they lack a scalable way to identify and clean data. The volume of data that an agency collects grows exponentially as new clients are added to an agency’s book, this makes it extremely difficult to keep up with, and fix errors and duplicates manually. While a certain amount of manual checking is important, manual processes only fuel the creation of dirty data and wasted money. Ultimately, dirty data makes it challenging for agents to design a concrete client-centric experience for their clients.
In a highly regulated industry like insurance, dirty data has an even greater cost. Missing, incomplete, or inaccurate data can lead to the wrong quote being generated for a client, under or overvaluing the amount of coverage that a client needs, and general decisions taking even longer as further manual checks need to be made.
Quality reporting is an additional challenge when agencies pull data from multiple disparate and unaligned systems. Trying to combine the data from these systems so that insights can be gathered is a time-consuming task. By the time reports are eventually compiled, the information is frequently stale, leading to decisions being made using outdated knowledge. Consolidating data from multiple systems to use in one report is also a time-consuming process that invites the possibility of errors. This is particularly frustrating when reports are built using data stored within a warehouse and the source system feeding the warehouse with dirty data cannot be identified.
All these data quality issues mentioned above lead to one result, they cost the agency more time and money to deal with manually. Whether agencies are spending money hiring more staff, paying to outsource to virtual assistants, or constantly updating system processes to ensure data quality, they will not end up with the results they are aiming for. All of these issues lead to enormous productivity losses and, perhaps worse, a systemic loss of confidence in the data being used to drive the business. It is wise to invest in a single, complete data quality management system that verifies, cleans, and prepares all of the different types of data being processed in your agency so that rising financial costs can be controlled.
In most cases, agencies use multiple systems (AMS, CRM, Quoting Systems, etc.) that have not been integrated, to complete insurance-specific tasks. Data needs to be cleaned within each individual system before agencies can realize the value of that data across the various disparate systems throughout the agency. Following a VIO (Validate, Integrate, Orchestrate) approach, Synatic can validate all an agency’s data, whether it be in a single system or ten systems, integrate that data, and then orchestrate that data for maximum operationalization within the agency.
Synatic's AccuData Plus+ solution, identifies, matches and consolidates client, lead, and contact information and then deduplicates the data leaving a single record of truth to provide agencies with the most enriched set of data for all departments within the agency to work with. By leveraging Synatic’s AccuData Plus+ solution, agencies can ensure that new data as well as historical data flowing through their solution stack is clean and presented in a usable and reportable format.
With data coming into the agency from multiple people and sources, the need to ensure data is cleansed on a continual basis is imperative. Synatic’s AccuData Plus+ solution streamlines and simplifies the data cleansing process allowing agents to spend less time dealing with data quality issues and more time servicing clients and being productive. What’s more, potential losses of revenue due to costly Errors and Omissions can be re-couped. If you want to ensure that all your systems operate off accurate and reliable data, contact Synatic today.
