Application Of Six Sigma For Data Quality Improvement

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Application of Six-Sigma for Data Quality Improvement in an Insurance Company Mohit Panwar Six Sigma Green Belt and Software Engineer II Metropolitan Life Insurance Company Email : Abstract – Billions of dollars annually is what poor data quality costs Insurance businesses, according to the Data Warehousing Institute. Poor data is also the leading cause of many IT project failures. Many companies are designing their data management programs and quality initiatives to deal with this problem of erroneous and inconsistent data. This paper discusses these topics as well as those detailing how companies can improve their data quality using the quality improvement technique of applying Six-Sigma. The method of creating a…show more content…
In relation with data, mistakes are more possible to occur if not typed in properly. For example, John Maxwell is a different person than John R Maxwell OR John Maxwell Jr. Even a single alphabet can cause serious consequences. Insurance companies and other financial institution deals with monitory reimbursements and even a word mistake can cause financial losses to the companies. That is why these companies are seeking more reliable ways to cope up with the data problems. The main benefit of using new technologies is their ability to handle any structure data – all your data –without requiring extensive data integration efforts. But at some point, even the input data to these new systems are also created by humans and hence, prone to errors. b) Background. What is Data Quality?-Data quality is an essential characteristic that determines the reliability of data for making decisions. High-quality data is: Complete: All relevant data —such as accounts, addresses and relationships for a given customer—is linked. Accurate: Common data problems like misspellings, typos, and random abbreviations have been cleaned up. Available: Required data is accessible on demand; users do not need to search manually for the information. Timely: Up-to-date information is readily available to support decisions. [1] Business leaders recognize the value of data and are eager to analyze it to obtain actionable

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