OF MONTHS BUSINESS INCOME CHANGES TIME PERIOD BUSINESS INCREASE FROM DEPENDENT PROPERTIES EXTRA EXPENSE COMBINED DEMOLITION COST AND INCREASED CONST COST DEBRIS REMOVAL FORGERY OR ALTERATION MONEY SECURITIES - INSIDE WELFARE PENSION PLAN ERISA CONDO UNIT OWNER S LOSS ASSESSMENT OWNER S MISCELLANEOUS REAL PROPERTY CRIME EMPLOYEE DISHONESTY EARTHQUAKE RETROFIT TYPE MASONRY VENEER EDP / COMPUTER DATA / MEDIA BASIC BROAD SPOILAGE EQUIPMENT BREAKDOWN CONTRACTOR S EQUIPMENT INSTALLATION LEASED /...
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Welcome I'm mark Weston from Accord and I'd like to talk to you about ways to improve efficiency and data quality in the global insurance industry this presentation will be relevant to you whether you work for an insurer an agency or intermediary or for a solution provider that serves the insurance technology sector at the end of the presentation I'll share some links you can follow to get more information about anything discussed here so I want to start by asking a question what's your company's most valuable asset well you might say it's your real estate or your staff or the products you offer and those are all very important but I'd like to suggest that data is your company's most valuable asset in today's digital economy good data is the key to not only the efficiency of your business but also the efficiency of the entire insurance industry that's because data is that the root of every transaction your organization makes both internally and with external partners to stay current and grow in a global industry you need to be sure that you can exchange data quickly and accurately with anyone you choose now I'll ask another question what is intelligence while intelligence is defined as the ability to process multiple streams of information from many sources each with different concepts attached to them and accurately find the connections so the more connections you can make between all these sources and concepts and the faster you can make them the higher your intelligence so at a basic level connection equals intelligence and the root of that intelligence your business's intelligence is data we've just defined intelligence as the ability to make connections so the next question is how intelligent is your business in other words how many connections does your business data make how good are they and how fast are they made think about this if all the systems you're exchanging data with are defining that data differently you need to make point to it connections every time this is true whether you're communicating with external partners or within your own enterprise also during mergers and acquisitions which are very common in the industry you can't just grab data wherever it's from and whatever form it takes you need to build for it and this is true whether you're on the sending or the receiving end of a transaction how do you solve this problem you need data standards using standards means the difference between the scenario shown here and this accord is a global nonprofit organization that develops and maintains data standards for the insurance industry data standards enable better and faster connections that lead to more efficient business processes data standards are an IT best practice in many industries standards help with data integration and optimize your infrastructure standards help you build a lasting system that's reusable if your organization is using standards you can connect with any other system or organization that uses them more...