Aspects of Data Valuation in the Insurance Information System

Insurance industry is, besides other indicators, based upon monitoring, processing and interpretation of the large amount of data about insurance policies and damages according to all kinds of insurances. Accessible and reliable data in the insurer’s information system are necessary for the company growth, development and decision-making. Insurance companies have started with the computerization of their own business amongst first, in order to reduce costs and increase the reliability of the large amount of data in short time periods processing. Therefore, it is necessary to put special attention to procedures of verification and validation of data quality during the information system design, as well as during defining the specifications for the insurance products computer support, especially in the segment of accounting. Data valuation is possible only if it is known how “bad“ data can influence the business. During software development the data quality must be evaluated in each phase. Procedures of verification and validation are regulated by the international standard ISO 9000-3, which gives the directives for the use of ISO 9001 in software development and maintenance providing. Only the data that give the real business picture are considered to be top quality. It must be noticed which data have been dropped although it was not be allowed, which data are incomplete so they do not give all necessary information, which data have been distorted by the changes which any decision-making makes impossible. Changes and updates of insurance policies data during the insurance period reflect on bookkeeping records in the different way presented by the model of monitoring the gross written premiums in non-life insurance.