The ability to integrate and apply this intelligence as necessary will differentiate insurers within their chosen markets going forward, supporting their drive to build profitable books of business and deliver tailored quotes and service to their customers.
So, as the industry innovates to adapt to the changing face of risk and consumer expectations; how can insurers expect to benefit from the move to embrace enriched intelligence from these new data sources?
The top 5 benefits are:
- More accurate risk evaluation.
- Reduced false positives improving the quality of alerts.
- Increased ability to detect and prevent fraud.
- Time savings with reduced requirement for human intervention.
- Improved profitability.