June 2020 – This CIO Checklist proposes a structured approach for insurers to be more efficient in third-party dataset evaluation. Third-party data (3PD) is growing in popularity among insurers. It can provide critical support to the digital and analytical initiatives that insurers are prioritizing across the value chain. The 3PD space is crowded with solution providers who offer varying levels of data quality and completeness. The process of testing that data in a use case can be time- and resource-intensive.
A structured approach reveals easy-to-spot showstoppers early in the process. Back-ending the actual data quality and analytic uplift assessment can avoid wasted efforts, conserve resources, and accelerate the use of 3PD.
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