Data is everywhere: good data, partial data, valuable data, bad data. Insurance Post’s David Worsfold reports on the need for insurers to measure and price risks but asks whether they take enough care in assessing the quality and provenance of the data they are using and whether their processes are sufficiently robust.
According to Andrew Dunkley, BLM’s head of analytics, the consequences of bad data can manifest themselves in different ways: “It depends on the type of decision that data related solutions are used to take, and the extent to which we completely delegate to those solutions rather than using them to inform or advise. The bigger the decision the larger the consequences of getting it wrong – but also the greater the benefits of getting it right.”
Click here to read the full feature in Insurance Post (subscription required).