RiskMatch insights: Clean up your data
Written by: Patrick Barnes, Customer Support Analyst I
RiskMatch adds value to your business by gathering insights found in your data. Which means, the more precise your data, the more precise your insights. But getting “clean” data is easier said than done!
When it comes to cleaning up your RiskMatch data to get the most value from it, here are two recommendations.
The written revenue field will default to billed revenue for any policy where the estimated revenue field is omitted in AMS360. But that’s not exactly accurate and this can lead to unclean data. To display the accurate written revenue amount, manually click the ‘calculate’ button for each active policy.
Do this via navigating to the Transaction Premiums/Billing section of any policy and entering the commission percentage in the box next to the red arrow in the screenshot below, then click calculate.
Both the Full-Term Premium and Estimated Revenue fields will populate. Now that you have manually entered a commission percentage, written revenue will show correctly in RiskMatch.
Active Policy Logic:
RiskMatch does not evaluate policy status, but rather, policy term when determining active status. Meaning, if the expiration date on a cancelled policy is beyond today’s date, RiskMatch will show the policy as active even though it is not!
To show a cancelled policy as inactive, change the expiration dates within your management system to the day of the cancellation. The cancelled policy will be reflected as inactive the next day in RiskMatch.
Cleansing data can be time consuming on the frontend but developing good data entry habits can save an enormous amount of time, labor and money on the backend of your workflows.
Promoting data quality in your management system will help maximize your return on RiskMatch investment by creating the very best analytics.