The new year will herald a new era in data enrichment, predicts Jeffrey Skelton, MD for Europe, LexisNexis Risk Solutions
Major regulatory changes; consumer expectation and lifestyle changes; climate change and the ongoing threat of fraud will all demand a more granular understanding of insurance risk at acquisition, renewal and claim in 2022. We believe the new year will herald a new era in data enrichment and data driven decision making, aided by the increasing choice of insurance specific data delivered directly into insurance workflows.
With so many different factors to take into consideration, data can answer many of the market’s challenges. It could be data on property characteristics to prefill a home insurance application, to understand the circumstances and settlement of past home insurance claims, or the environmental risk in near real-time. It might be data to confirm the presence and performance of ADASi on a specific vehicle, at the VINii level or insights related to policy history such as cancellations. It could also be data to automatically validate the customer’s identity and make sure it is not linked to past fraud or to help pre-validate small business quotes. Data is going to provide the competitive edge in pricing, product development and claims management.
Knowing more about the risk means insurance providers can do more for their customers. Accessing granular, near real-time, accurate, proven and predictive data to segment and offer increasingly bespoke insurance must be a major focus in 2022. While the new year promises big change, the industry can be ready to embrace it.
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