Reducing the cost of error - how to develop data accuracy skills
Did you know that one reinsurance company paid out £70 million instead of £7 million simply because a decimal point had been put in the wrong place?
Mistakes waste time, cost money and annoy customers. Correcting mistakes typically costs firms 18-20% of their wage bill - and that's before the cost of any error itself.
Learning how to reduce errors not only saves money, it boosts productivity and also increases efficiency.
With these thoughts in mind, the Insurance Institute of Sussex is delighted to invite members and their guests to hear Hugh Murray, director at Scott Bradbury Ltd, to explain why both large and small mistakes happen and how to develop practical, effective accuracy skills to enable you to read, check and transfer information correctly.
You will also find out why our reading skills count against us when it comes to working with data and you will experience working at the optimum speed for accuracy - which will probably be faster than you think! You will even complete a fun "insurance data" test too, to help you measure your own accuracy rate!
To join us at this free one hour CPD seminar, which takes place at Clair Hall, Haywards Heath on Wednesday 21 October 2015 at 5.30 for 6.00pm, please click on the "Book Now" button below
To help with catering etc. please make sure you book by Wednesday 14 October 2015 at the very latest.
By the end of this event, delegates will be able to:
- identify why everyone makes mistakes
- demonstrate practical techniques for reading, checking and transferring data accurately
- calculate the "back of envelope" cost of data error in your organisation
- describe and apply the "three Cs" of accuracy
- ditch "reading" skills in favour of "accuracy" skills when working with data
There is ample free, on-site parking available at this venue and Haywards Heath station is within easy walking distance.
For those who are interested in the outcome of the above example, the money was eventually returned to the reinsurance company, but because the money had been paid out in Brazilian Reals, there was a significant loss due to currency exchange rate fluctuations - not to mention loss of face!
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.