Transcript Download Handout 2

2001 Ratemaking Seminar
INT-1: Introduction to Data Management 101
Data Standards / Data Quality
Joan M. Klucarich
Fireman’s Fund Insurance Company
Data Standards
Who Needs Em and Why?
• Trading partners such as insureds, insurers,
TPAs, vendors, and brokers
• Various sources use different definitions
• Need data that is clean and consistent
• Reduce duplication and cost
• Numerous indirect benefits
• Some obstacles remain
Data Standards
Don’t They Exist Already?
• Financial services and some retailers use
data standards
• Some insurance standards developed for
specific applications
• Standards are not identical
Data Standards
Current Working Groups
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IDMA TPA Data Standards Work Group
ACORD
ANSI
RIMS
ISO
WC Insurance Organizations (WCIO)
Data Standards
Current Tools
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PDRP - GL database for public entities
IDMA Claims Data Exchange Standard
IDMA Policy Data Element Dictionary
IDMA TPA Data Standards White Paper
www.idma.org/DS-announce.html
Data Standards
The Importance of Partnership
• Membership exchange of ACORD/IDMA
• Many of the definitions come from existing
sources
• RIMS April 2000 Data Summit
• RIMS March 2001 Claims Data Standards
Meeting
ASOP #23: Data Quality
• Purpose is to give guidance in:
– Selecting data
– Reviewing data for appropriateness,
reasonableness, and comprehensiveness
– Making appropriate disclosures
• Does not recommend that actuaries audit
data
ASAP #23: Data Quality
Considerations in Selection of Data
• Appropriateness for intended purpose
• Reasonableness, comprehensiveness, and
consistency
• Limitations of or modifications to data
• Cost and feasibility of alternatives
• Sampling methods
ASOP #23: Data Quality
Definition of Data
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Numerical, census, or class information
Not actuarial assumptions
Not computer software
Definition of comprehensive
Definition of appropriate
ASAP #23: Data Quality
Other Considerations
• Imperfect Data
• Reliance on Others
• Documentation/Disclosure