What do we want? Data confidence! When do we want it? NOW!
Is data your biggest asset, or your biggest risk? Are there potentially costly, or reputation damaging issues hidden in the data you use to run your business? How confident are you that your data, the data you use everyday to report on and make decisions, is correct? If you are relying on old fashioned manual or semi automated checks and controls to monitor your data then the very best answer you could give to these questions is an optimistic; “I think it’s all OK but I’m not 100% sure.”
And in 2018, thinking/hoping but not being sure is simply not good enough. Not good enough for clients, not good enough for business partners, and certainly not good enough for regulators. Especially when for less than the annual cost of a senior Data Analyst, DQPro provides what you need to be truly data confident.
DQPro is inspiring data confidence with clients in 3 key areas:
- Automated checks and controls – the ability for clients to check up to 100% of data that historically has had errors (eg manual data entry), or that is produced by third parties (eg SDC), or that is a minimum standard or compliance rule (eg UW limits, approved broker, identifying high risk territories) gives confidence that if there are any data errors or compliance issues they will be flagged. In addition, the issues or errors will continue to be flagged until a defined action is taken. Our clients are now running over 250 daily checks with ease using the DQPro platform across their systems estate.
- Smart workflow – is giving DQPro clients confidence that individuals in the business are doing the right thing when it comes to data and compliance. Smart workflow ensures that issues are being routed to the right business user for resolution. The insights provided help to identify if process/systems improvement or training is needed to prevent the issue reoccurring.
- Measurement of Progress – DQPro can show our clients where the problems are and if the trend is improving or not. Our customers are also using DQPro to manage outsourced/ 3rd party data entry providers more effectively too, with daily measurement and visibility.
DQPro is technology with multiple use cases across the carrier, MGA and broker environment:
Some are using DQPro to ensure that they are compliant with Lloyd’s specific compliance requirements, for example – not writing business in geographies where issues of sanctions or of money laundering apply, while others view the platform as their first line of compliance in addressing the Solvency II or Lloyd’s Minimum Standards for data quality.
Other insurers use DQPro to check that their business is consistently using the correct exchange rates; checking their binder books month-on-month; premium comparisons year-on-year; and to check standard risk coding is being used, among many other applications, tailored to each business unit.
When new regulations or controls are required there is no need to train a new team, or devote costly extra resource – the process of adding a new set of checks for DQPro to run against your data set is quick, effective and scalable.
Avoid a disorganised approach to compliance, regulations and fixing data problems – zero in on what needs to be done, and make sure it is fixed consistently throughout your business, and provide evidence that you are doing the right thing. Data accountability and ownership should be regular board-level topics. DQPro will help you transform your data confidence into a KPI for your business.
The London Market needs data confidence, and needs it now. DQPro is a market-driven platform, developed in response to demand from key London Market players. Your business could be running bespoke, round-the-clock automated data checks within just five days. Book a DQPro Demo now.