Nick Mair, Co-Founder of DQpro, looks at the importance of market standards and how collaboration and continuous improvement not only encourages operational resilience, but helps drive better data for all
Standards are a lifeline for any industry. They help drive cooperation between firms, provide a platform for best practice, and they even help highlight and solve issues – even shaping regulations.
It is no surprise then that when it comes to standards, collaboration is key – the sharing of ideas, experience, skills or even time.
This mentality is certainly shaping the insurance industry today, in particular with the increase in collaboration with tech players; but with so much change in consumer behaviour and expectations, the need for market standards is becoming ever more crucial, especially when it comes to data.
Foundations and frameworks
The future of the London Market is all about being data-driven – and yet the industry is riddled with issues in the data flow which impact quality; from untimely and incomplete data, to data which is simply incorrect. Issues surrounding the increasing volumes of data, plus ever changing and evolving regulations, are also areas of concern, as highlighted in the latest ACORD whitepaper The Value of Standards.
Considering data exchanges are integral to all insurance processes, these issues need to be addressed; and fast.
The solution, therefore, are market standards – not only for data transfer but also for data quality – standards which allow data to be grown and used without friction by everyone in the insurance chain. It is, as the ACORD whitepaper suggests, about creating a common language so organisations can not only communicate, but collaborate.
This element of market collaboration is key to solving common data challenges; it leads the process of refinement and improvement, helping us share and learn with our peers, all while ensuring we keep pace with the most essential and valuable market checks as they emerge.
A shared goal
The idea that standards aren’t static is why we are in constant contact with the market through our user forums, refining and updating our DQPro Market Standard as it evolves to align with ever-changing market needs to provide our customers with the assurance they require. Each DQPro rule delivers measurable value in terms of reduced operating cost, increased compliance or greater efficiency. DQPro’s 24/7 monitoring ensures these issues can be identified and addressed early with the right business teams and users before they cause downstream pain.
This process of business monitoring, workflow, essential market rules and analytics is designed to deliver the critical assurance London Market insurers require. It’s the first step to getting your data in order. Whether it’s monitoring underwriting limits, understanding EPI variance or issues with closed claims, the DQPro Market Standard provides timely, essential information to improve operational resilience and drive better data for all.
To get involved with our user forums, get in touch.