In the end, third-party data not only helps insurance professionals innovate and better match rate to risk, but it also helps provide the best possible experience to customers: faster quotes, better rates and coverage, improved disaster response, automated claims, and faster speed to market with new products and services. (Credit: Roberto Saporito/Adobe Stock)
Data may be the Holy Grail for insurers, but there is more to a risk score or model these days than meets the eye. To understand what information is feeding that score or model requires digging a bit deeper; is it the same data a company has been using for years? Or, has that data evolved to include new inputs, fresh characteristics, and emerging third-party data sources?
Today there is a race among insurers to be as granular as possible. Winning the race depends on enriching existing data with new and emerging third-party data sources. Leading insurers have embraced the exploration of third-party data — constantly testing and integrating new forms of data such as hazard, aerial, satellite, building, Internet of Things. Many insurers, however, might find themselves somewhere in the middle of the pack — not for lack of ambition — but because the process of finding, testing, and integrating gets in the way of being able to swiftly consume third-party data and drive actionable insights.
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