Only 1% of professionals said insurers held excellent quality data
Over four-fifths of senior insurance professionals think the industry remains hindered by its inability to access data and information.
According to the research by EDM group, 81% blamed poor IT infrastructures and legacy systems.
One quarter said the quality of information held by insurance companies is currently either poor or very poor. Only 1% said the quality of data and information was ‘excellent’, with one-fifth believing it to be ‘good’.
The research was conducted as an online poll of 153 insurance professionals, including brokers.
Craig Campbell, head of insurance at information management firm EDM said: “The data challenge for many insurers remains significant. The real concern is that too many have yet to get to grips with day-to-day information management as well as also adherence to new regulatory demands and standards.
“The proliferation of customer touchpoints, including the rise of social media, coupled with significant amounts of historical paper-based records, have added to this significant information challenge.”
Campbell said his firm was seeing strong demand from insurers who wanted to simplify their data and digitise paper records
“The next three to five years will be critical in the evolution of the insurance industry, not just with regards to the regulatory burden but also how firms exploit the quality of their data for a competitive advantage,” he said.