The former Insurance Data System (IDS) Steering Committee has been revamped, including a name change and will now be known as the Strategic Insurance Data Committee (SIDC).
Initially the main driver for the above change was the poor data quality – industry initiatives such as the Insurance Data System and the South African Insurance Crime Bureau were not achieving the required Return on Investment that had initially been hoped for.
Following further discussions and an analysis of the situation it was established that data quality is not the only data attribute that had to be managed and it was resolved that the Committee look strategically at what data is available, how it is being used and how it should be managed over and above the data quality issue only.
Data is a key resource within the industry and it is important that the Committee must have both a short-term and long- term view and that these must be communicated back to the industry.
In order to monitor what needs to be achieved, careful prioritising of the areas for improvement will need to be done. The agenda must be aligned to critical business issues. Identification of the requirements of all role players (including the insurers) must be prioritised. The Committee will establish a work-stream as and when necessary to workshop particular aspects and will come back to the Committee to present their findings.
At a recent SIDC meeting members were satisfied with the updated Charter and it is in the process of being adopted by the relevant governance structures within SAIA, following which a formal launch is planned.
It is worth noting that The FSB is currently in the process of engaging with the industry through their Short-Term Insurance Binder Data Steering Committee and various workgroups with the emphasis on producing minimum data standards to be used by industry.
There is mutual representation by the industry and the Regulator on the above Committees with the aim of reducing the duplication of work.
There is a much anticipated convergence developing with the realisation of how important data, and the correct use thereof, is to the industry.
Members will in future be kept informed of developments on the above initiatives as they progress.
For more information contact Charles Hitchcock: Chief Operating Officer at Charles@saia.co.za