Underwriting accuracy and quality are on frontline in insurance ‘data war’

30-06-2020

Underwriting accuracy and quality are on frontline in insurance ‘data war’

Commercial insurers are looking beyond postcodes and ‘COPE’ criteria to the huge potential of data supersets as they push for better underwriting and market advantage. Intelligent Insurer spoke to Simon Perry at Precisely to find out more.

More and more insurers are planning to boost underwriting accuracy through the smarter use of data. With plenty of innovations to consider, Intelligent Insurer spoke to Simon Perry, insurance sales director UK&I at Precisely, about why improving access to quality external data is the new frontline for insurers. Perry will be speaking in the webinar ‘Harness External Data for Underwriting: Operationalise Data to Increase Profitability and Drive Value for Customers', on July 8, 2020.

Question: What are the current drivers for using more external data in underwriting?

Simon Perry (SP): Commercial property re/insurers are under a lot of pressure from unexpected COVID-19 payouts to the wider global economic turmoil. Businesses in the market are looking closely at elements they can control, such as underwriting.


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