SlideServe
Télécharger Obtenir Pro
Menu
Accueil Pro
Préférences
ApparenceLight Aide et commentaires
© SlideServe · v2026

Insurance Technology Convergence: Data Standards & Tools

lucius avatar
lucius
20 diapositives · 329 Views · Dec 22, 2012

The impact of data standards on the insurance industry, importance of clean data, industry standards development, and emerging analytical tools for actuaries. Learn how early detection and integration of data can lead to cost savings and a competitive advantage. Discover key considerations in data selection and quality to enhance operational efficiency and decision-making. Stay updated on current working groups and tools shaping the industry, and gain insights into the future trends and challenges. Stay ahead in the dynamic world of insurance with strategic data management practices.

#data standards #insurance industry #analytical tools #actuarial standards #technology convergence #operational efficiency #clean data #decisionmaking
Insurance Technology Convergence: Data Standards & Tools - slide 1
01 / 20Insurance Technology Convergence: Data Standards & Tools
1 / 17

Télécharger la présentation

Insurance Technology Convergence: Data Standards & Tools
Une image / un lien ci-dessous est fourni (tel quel) pour télécharger la présentation

Politique de téléchargement : le contenu du site vous est fourni TEL QUEL pour votre information et votre usage personnel ; il ne peut être vendu, concédé sous licence ni partagé sur d’autres sites sans l’accord de son auteur.Le contenu vous est fourni TEL QUEL, pour votre information et votre usage personnel uniquement. Téléchargez la présentation en cliquant sur ce lien. Lors du téléchargement, si vous ne parvenez pas à télécharger une présentation, l’éditeur a peut-être supprimé le fichier de son serveur.Pendant le téléchargement, si vous ne parvenez pas à obtenir une présentation, le fichier a peut-être été supprimé par l’éditeur.

F I N

Plus de contenu associé

Transcription de la présentation

  1. Ratemaking Seminar2002

  2. The Convergence of Technology, Data Standards & Analytical ToolsActuarial Standards - 23Arthur R. Cadorine - ISO

  3. Forewarned Is Forearmed • Current economic slowdown couldbe a lot worse • Electronic linkages identifyproblems sooner • Insurers ride their roller coaster

  4. Insurance Industry Standards • Standards for policy and claim transactions are being developed • ACORD • IAIABC • IDMA • These standards will change the industry

  5. Impact of Standards • If everyone speaks the same language, communication is possible • Information quality and timeliness improves

  6. Data StandardsWho Needs’Em and Why? • Trading partners such as insureds, insurers, TPAs, vendors, and brokers • Various sources use different definitions • Need data that is clean and consistent • Reduce duplication and cost • Numerous indirect benefits • Some obstacles remain

  7. Data StandardsDon’t They Exist Already? • Financial services and some retailers use data standards • Some insurance standards developed for specific applications • Standards are not identical

  8. Data StandardsCurrent Working Groups • IDMA TPA Data Standards Work Group • ACORD • ANSI • RIMS • ISO • WC Insurance Organizations (WCIO)

  9. Data StandardsCurrent Tools • PDRP - GL database for public entities • IDMA Claims Data Exchange Standard • IDMA Policy Data Element Dictionary • IDMA TPA Data Standards White Paper • www.idma.org/DS-announce.html

  10. Value of Knowing Sooner • Delays in claims reporting cost money • Real-time fraud detection could save $$ • Early claim-trend detection means corrective premium action

  11. Insurers: Historically Slow Adopters • Insurance has historically been slowto adopt new technology • Why is it going to change? • More timely business intelligence means a competitive advantage

  12. Integrating EDI Reporting • Straight-through processingbecomes possible • Data quality improves • Information can be aggregated • ASP model has many advantages

  13. Integration of Data • ASP can have policy and claim databases • Systems can talk to one another • One source/multiple outputs

  14. Analytical Tools • Predictive models • Web access • User-friendly report writers • User-friendly analysis software

  15. THINK ABOUT IT! • Cheaper information • More timely information • Better information

  16. ASOP #23: Data Quality • Purpose is to give guidance in: • Selecting data • Reviewing data for appropriateness, reasonableness, and comprehensiveness • Making appropriate disclosures • Does not recommend that actuaries audit data

  17. ASAP #23: Data QualityConsiderations in Selection of Data • Appropriateness for intended purpose • Reasonableness, comprehensiveness, and consistency • Limitations of or modifications to data • Cost and feasibility of alternatives • Sampling methods

  18. ASOP #23: Data QualityDefinition of Data • Numerical, census, or class information • Not actuarial assumptions • Not computer software • Definition of comprehensive • Definition of appropriate

  19. ASAP #23: Data QualityOther Considerations • Imperfect Data • Reliance on Others • Documentation/Disclosure

  20. Ratemaking Seminar2002