There are a number of potential pitfalls to navigate in adopting data enrichment as part of any underwriting strategy.
So what are the Top 5?
- Blaze your own trail: don’t follow the sheep and do what everyone else is doing – use data enrichment to gain real ‘standout’.
- Remember speed is of the essence: don’t gather data via solutions that are not quick to react or easy to change.
- Underestimate at your peril: the complexity of the data and how it should be interpreted.
- Don’t put all your eggs in one basket: by outsourcing to a single provider via a black box solution.
- Quality is priceless: don’t buy data just based on price alone – ensure a retro analysis of quality is conducted.
How can you improve claims validation at Point of Quote?
Learn more about how we helped our clients capture a holistic view of their customers while improving their ability to screen and price risks accurately!
Markerstudy processes many millions of motor insurance quotes per day and was seeking a solution to enable the business to validate risk more accurately and earlier in the process.
Chris Staples, Group Product Manager at Markerstudy explains: “The ability to rapidly capture a holistic view of the customer and validate the information provided at point of quote improves our ability to screen and price risks accurately. We can increase business efficiency, speed up the customer journey and grow the business profitably. We have a long term relationship with CRIF as a trusted supplier to Markerstudy and we selected Radar on the company’s past performance and the accuracy of its data. The Markerstudy and CRIF project teams were outstanding in their flexibility and commitment to delivering the solution, meeting business needs and deadlines.”
Know more on how to use data to gain a competitive advantage at the point of quote!