New Monograph on Data Quality Management in the P&C Insurance Sector
The Casualty Actuarial Society recently published a new piece of research with potential immediate applications in the P&C insurance sector. Data Quality Management in the P&C Insurance Sector is a useful tool for insurance practitioners in the fields of underwriting, executive management, accounts/financial reporting and academia. It also has helpful implications for data scientists and engineers.
This monograph covers the following topics:
- The concept of data quality management, including a discussion of what is meant by data quality
- The impact of data quality on different actuarial processes and product lines
- A presentation of the current state of data quality within the P&C insurance market as informed by a survey of CAS members
- The treatment of data quality by the most significant global insurance regulatory regimes
- Definitions of a series of data anomaly types and definitions of data quality measures
- Data quality improvement/imputation techniques
All CAS members working in insurance companies or within the P&C insurance sector will deal with data in their professional roles and the quality of that data will impact the scope of their work and reliability of the results. This study addresses considerations which directly impact the quality of data available and details processes which can be used to improve the quality of data. Readers can use the findings of this study to help to inform how they approach the issue of data quality in their work and how to improve the quality of their available data.
CAS monographs are authoritative, peer-reviewed, in-depth works focusing on important topics within property and casualty actuarial practice. The CAS Monograph Series initiative fulfills the goal of creating an important addition to the existing body of CAS literature, with each monograph enabling the comprehensive treatment of a single subject. The Monograph Editorial Board (MEB) manages the monograph publication process in close coordination with the CAS editorial staff. Submission guidelines can be found on the CAS web site or by contacting Donna Royston at firstname.lastname@example.org.