- Actuarial work products are almost always based on a substantial amount of data. And the quality of that data is so crucial that included in the numerous actuarial standards of practice prescribed by Casualty Actuarial Society, there is a separate standard entirely devoted to data quality.
- For us at Wisconsin Actuarial Consultants, LLC, data quality goes far beyond standards of practice. For time and again, in initial reviews of clients' data, we have noticed discrepancies that if undetected would have had a significant impact in the end results of our actuarial analysis.
- Thus, prior to initiating any analysis we devote sufficient time and effort to examining, inspecting and most importantly understanding clients' data. Understanding the data is the crucial piece since, especially where one or more Third Party Administrators (TPA) are involved, terms are not uniquely defined. What means A to one TPA means B to another.
- One of the key benefits our clients have found with us is our ability to help them and their TPA improve the quality of their data going forward.