Study on data supply in the insurance industry

Reliable and up-to-date data is crucial when advising insurance customers. But data quality often leaves much to be desired. This is the conclusion reached by ajco solutions and zeitsprung in their joint study on “Data Supply between Insurance and Financial Services Sales”.

The survey of nearly 300 brokers and financial advisors provides the insurance industry with insightful insights into the status quo of data availability as well as future challenges.

Customer satisfaction is dependent on data quality

When asked about the relevance of insurance data for customer service, there is great unanimity among the 294 study participants: 96 percent are convinced of the importance of data for their business; this is particularly true for health insurance, occupational disability insurance and in the property business. Nevertheless, the majority of the consultants and brokers surveyed were only relatively satisfied with the quality and timeliness of the data they receive from insurance companies; on a scale of 1 to 6, the average rating was 3. This means that there is still significant potential for insurance companies to optimize the provision of data.

This plays a crucial role because, according to the vast majority of study participants, data quality and timeliness have a direct impact on customer satisfaction. For this reason, almost half of the respondents consider the reliability of the data provided in any case when selecting a product, and for a further 37 percent this is at least sometimes the case. For around 80 percent of respondents, insufficient data quality even leads them to consider changing their product coverage.