Michal Páleš, Faculty of Economic Informatics, University of Economics in Bratislava, Slovak Republic

Pages: 38 – 53

Abstract

It can be argued that nowadays data is clearly one of the most valuable assets in any sphere of business. In insurance companies dataabout clients, contracts,insurance events, claims, assets, liabilities and other events that are re-used in interactions and reports for the management of the insurance company and the regulatory bodies are increasing on a daily basis. It is understandable that even inthis sphere, the rules and the quality control itself must not be absent. These rules determine the three-pillar structure of the European Union Solvency II Directive. In this paper, we will describe the data quality in the context of the insurance business and the actuarial function. We will briefly present the readers with the rules, process, and data quality management. In the open-source R language, we demonstrate the functions and libraries that can be used for the data-cleaning process.