Many organisations claim to be data centric, but do they get value from it, I’m going to describe how we help our customers improve their business through data enrichment.
In everyday use in Insurance, two valuable opportunities to use data are at quote and at claim, in this post I will focus on the quote.
At quote the biggest data opportunity is to use data enrichment, typically using 1st (if you can surface your own data) and 3rd party data in two ways.
Firstly there is the use of data to reduce friction in the customer experience, e.g. pre-filling forms, or using address lookups, this both reduce key strokes for the customer, and also validates the information ensure its accuracy.
Secondly, you can use third party (proprietary and/or open) to increase the number of data points that your rating can be based on, and hence the accuracy of your pricing.
And of course, these can be used in combination, the customer enters their car registration number and you save them keystrokes and make it easier to buy, and behind the scenes the insurer can use that data point to lookup a wealth of information about that vehicle that can be used for underwriting purposes to better price risk.
Immediately you have improved the customer experience without compromising accuracy, this is a free win, and we are all used to this as it has been commonplace for several years.
Today however, it’s possible to go much further and much deeper by adding additional insights such as some of the proprietary customer risk data available, checking for claims fraud (before a claim), looking at average annual mileage, driving habits from telematics etc. there is an increasing wealth of data available.
Then include your marketing data, campaign tags, channel, lead source etc.
Feed all of this into the rating calculation, in real time, and you can more accurately price individual risk and better manage your book.
Insurforce can use all of the data described here with existing integrations and relationships. We are adding new integrations all the time and can readily add specific ones just for you.
Ask us to see how we can add value to your proposition with the right data – Contact us