Data Quality Management

Quality data is the backbone of all industry operations. IBC’s Data Quality Management (DQM) department oversees the collection of industry data and helps car and business insurance companies ensure that the data they submit meets the required standards of quality.

DQM’s actuarial and statistical expertise is used to transform the 200 million insurance transactions collected each year into valuable information for IBC members.

At a high level, quality data is transformed into useful information that is central to pricing and to other strategic underwriting decisions faced by the industry. Because IBC ensures that statistical submissions are both accurate and up-to-date, insurers benefit from an accurate pool of industry data and avoid the unnecessary work and costs of re-filing data. Quality data is also used by IBC to support and lobby for industry initiatives and to fight insurance crime.

IBC’s Data Quality Management Department (DQM) uses the quality data provided by the insurance industry to ensure that:

• CLEAR rate groups are accurate and up-to-date (these rate groups are used by insurance companies to ensure that policy premiums are accurate);
• consumer education materials such as “How Cars Measure Up” and the annual “Top 10 Most Stolen Cars” are accurate;
• stolen cars presented for export are identified before they leave Canada;
• auto manufacturers can make appropriate changes to vehicles’ safety and security features;
• IBC’s insurance crime investigators have accurate information about claims patterns and loss data; and
• regulators have accurate, industry-wide information when reviewing the rate filings of insurance companies.

The Data Quality Team

Data Quality Analysts (DQAs) are available to assist insurance companies with data submission, error correction and data quality issues.

The Data Accuracy Unit helps insurance companies by proactively analyzing data to identify accuracy issues as early as possible and provide assistance with data correction.

Data Quality (DQ) Applications

For quick and direct access to DQ applications, please click here .

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