How Insurers Can Improve Data Quality

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How Insurers Can Improve Data Quality

A Q&A with FCCI Insurance Group

Teleconference: Dial-in: 1-877-681-3373

Passcode: 9121161

© Experian Limited 2008. All rights reserved.Confidential and proprietary. 2

Welcome!Introductions and Overview of Today’s Session

Q&A with FCCI Insurance Group on impacts of address verification Today’s speaker:

Ruben Marte – Manager of Applications Ginny Swan – Systems Analyst Specialist

Data quality research Experian QAS product demonstration

Brian Sonneborn – Account Manager Questions from the audience


Ruben Marte Manager of Applications

Ginny Swan Systems Analyst Specialist

FCCI Insurance Group FCCI provides commercial property and casualty insurance to

more than 17,000 policyholders in 14 states. Rated A- (Excellent) by A.M. Best Company, FCCI is headquartered in Sarasota, Fla. And has regional offices in Sarasota; Duluth, Ga.; Carmel Ind.; and Jackson, Miss.

The insurer started in 1959 and its products include automotive, property, general liability, workers compensation, and agriculture.

1. Will you introduce yourselves and your roles and give a brief overview of your organization?


2. What are the internal, operational repercussions of bad address data? How does it hurt your organization?

Rework required deters from core job responsibilities

Inaccurate risk and model data

Costs add up from inefficiency


3. How do address errors get into your system/processes?

Address data is provided by a customer

Errors occur when Agents and Call Center Reps type the information wrong

Misinterpret the policyholder’s address

Spelling or fat-fingering issues


4. How did you start your address data quality initiative and ultimately select software?

Reviewed several solutions from providers Needed address verification and geo-location information Reviewed QAS Pro and QAS Pro Web tools and liked the

products Integrated into Guidewire and Vertafore QAS TigerZip data appends latitude and longitude information QAS Batch cleans and maintains existing database


5. What was your experience training your staff to use Experian QAS products?

Very little training was needed Experian QAS staff trained

FCCI staff members

Users needed to get accustomed to workflow


6. What results have you seen since implementing Experian QAS address verification tools?

Reduced returned mail Improved risk modeling Faster address entry

process Improved efficiency Reduced unnecessary

expenses


Insurance Data Quality Statistics

Insurers maintain contact records to save costs, enhance customer satisfaction and increase efficiency

Missing or incomplete data, outdated information and spelling mistakes are the main errors in an insurer’s database

64% of insurers waste 6% or more of their annual marketing budget on bad data

Budget, staff errors, large volume of errors, and knowledge of changes are cited as the main barriers to accurate contact data


PRODUCT DEMONSTRATIONQAS Pro


QASProducts & services

Real-time verification Clean & enhance

Clean QAS Batch QAS Bulk Processing Phone & Email Batch

Enhance QAS Unify NCOALink®

Address QAS Pro QAS Pro On Demand QAS Pro Web QAS Pro API

Phone and Email QAS Phone QAS Email

Please visit www.qas.com for more information.

http://www.qas.com/?tid=2326

http://www.qas.com/?tid=2326

Technology

How Insurers Can Improve Data Quality