Insurance companies' poor control over their data will worsen as they open up their systems directly to brokers, reinsurers, customers and third parties.
John Wilson, chairman of Eurobase systems, warned that: “Data is entering the system from a multitude of sources and populated directly into databases without any means of verification control.”
This was then made worse by different rules being applied in different lines of business, he claimed.
Wilson said what was needed was one area in the business application that acted as a traffic hub for all data. All data could then by verified by one set of rules.