In my previous blog, I shared with you how important it is to use optimal-quality data to inform your decisions on risk and how it can impact your business, and your customers. The quality of the data you use can also affect other areas of your organization, including marketing, retention and compliance. It’s also important to understand and avoid the pitfalls of making long-term decisions based on poor-quality data.
Better data helps avoid policy pitfalls
Building a trusting relationship with your policyholders and prospects requires having the right data at your fingertips. Imagine, for instance, not being able to link a customer’s auto and home policies due to poor data quality. Marketing dollars could be wasted trying to encourage the policyholder to bundle coverage when he or she already has, and can lead to a poor customer experience. Retention efforts might also under-value the risk of losing a bundled policy.
As we share in our new whitepaper, Optimal data quality means better data-driven decisions, there are several actions that you as a carrier can take today to improve the quality of the data you are using to make decisions, including,
- Identifying data experts
- Developing a common language and definitions about data
- Setting up an internal review process
- Using data from trusted sources
Using optimal data can not only improve your profitability, but it also improves retention, protects your brand, helps with compliance and increases efficiency. For more on how LexisNexis Risk Solutions can help you improve your data quality, download our new white paper, Optimal data quality means better data-driven decisions.