This past month, Insurance Business published an article highlighting the fake data problem within the insurance industry. Insurance Business delivers the latest industry news, opinion and analysis, covering the developments of the day from government and regulatory bodies, platforms, underwriters and insurance firms, as well as industry service providers.
The article discussed a recent Accenture report, which revealed a problem within the insurance industry: although insurers and brokers are using a broader set of data collection methods, “the majority aren’t doing enough to verify the data they collect, leading to a growing exposure to incorrect or falsified information,” writes Lucy Hook, news editor at Insurance Business UK. The statistics don’t lie: currently, only a quarter of insurers corroborate their data to some degree, while another 19 percent do try to validate their data but are uncertain of its quality.
The solution? Engage InsureTech companies. According to Max Richter, leader of Accenture’s insurance practice throughout Europe, carriers that utilize “new practices, products, and ways of assessing risk are likely to be better informed than those lagging behind.” Although awareness of the scale of the fake data problem is still relatively low, many carriers have already engaged InsureTech companies like Carpe Data to combat the issue and stay ahead of the ever-evolving industry.
Read the full article here.