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Achieving Data Completeness with IIEX

By DTCC Connection Staff | February 18, 2022

DTCC’s Insurance and Retirement Services (I&RS) launched its innovative, centralized data exchange platform, Insurance Information Exchange (IIEX), in January 2021. With more than 15.5 million annuity and life insurance policies currently in the exchange representing over 550 distributors and insurance carriers, IIEX provides a wealth of data to its users with advanced searches and details for policy, product and financial transaction data. One of the powerful features that IIEX offers is a unique and innovative insights into policy data completeness.

Related: DTCC's I&RS Shares Industry Data Risks & Best Practices

“With the number of distributors and carriers, data fields, product types and filters, the insights are endless,” said Barb Smith, DTCC Executive Director, I&RS. “We believe that by empowering clients to study and review data completion, we can create a transformation of the data exchange standards in our industry.”

“We are very excited about the potential uses for the data completeness feature, and especially the Data Completeness Score,” said Jeanann Smith, DTCC Director of Senior Product Management, I&RS. “Clients have the ability to drill down into trading relationships – between carriers and distributors; carrier families; product types and even to the individual policy level.”

What is Data Completeness?

Based on a set of business-critical data elements identified by our clients, specific to product type and other criteria, IIEX calculates the percentage of those elements that were submitted by the carriers. As a result, a “data completeness score” is determined which also identifies which elements are missing, enabling both distributors and carriers to quickly identify and eliminate gaps in reporting. 

Over the years, distributors have identified common themes that caused challenges in relation to missing, incomplete or incorrect data. IIEX provides actionable insight by easily quantifying and identifying areas for improvement. Some of those insights include: 

  • Overall Completeness Rate (%) for Book of Business
  • Total Number of Policies with Missing Data
  • Completeness Rate by Specific Product Type
  • Completeness Rate by Specific Distributor or Carrier Partner

The insights provided by IIEX’s Data Completeness Score can help firms holistically assess the overall integrity of their data, to enhance their organization’s ability to make critical business decisions as well as provide exceptional customer service to their clients. It also allows carriers and distributors to hold each other accountable for missing data.

What is the average Data Completeness Score in IIEX, and how can missing Critical Data Elements (CDEs) be identified?

Data Completeness Scores across the universe of all 15.5 million policies, on average, is at about 81.08% -- a statistic that the Insurance team hopes to transform by showing our clients how IIEX sheds a light on reporting gaps.

Firms using IIEX’s Data Completion Score can identify their Top 10 Missing Critical Data Elements (CDEs) in a bar graph that can display an overarching view and can also be filtered by Product Type. Examples of the current Top 10 Missing CDEs include but are not limited to:

  • Reported Policy Value
  • Policy Value Name
  • Country Code
  • Address Line 1
  • Identifier Qualifier

Monitoring completeness rates in IIEX is possible by Distributor, Product Type or an overall view. To gain even deeper insight, users can get more granular with more specific filters, even drilling down into the individual policy level.

To get a better understanding of which critical data elements are being populated – and which are most likely to be missing –  we’ve pulled Data Completeness Scores from IIEX by Carrier, Product Type and CDEs for the Life and Annuity industries.

“The average Data Completeness Score can definitely improve for clients who are willing to take advantage of the data insights that are at their fingertips,” said Jamie Taylor, DTCC Director of Senior Product Management, I&RS. “IIEX’s Data Completeness Score helps trading partners become aware of missing CDEs that are impacting their business.  It then gives them the tools necessary to easily pinpoint exactly where the issues are so they can work with their trading partners to correct them.”

 

For more information on IIEX and its Data Completeness Score contact your Relationship Manager or fill out our form to get in touch with a member of our team.


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