This is the fifth in a series of blogs discussing the benefits of contributory data to the insurance industry.
Over the course of this series, I’ve written about how contributory databases can provide a number of benefits to insurance consumers and carriers through having access to information in a centralized, normalized and secure repository. But you may be asking yourself, when is the best time for me to contribute my information, and where do I start?
A contributory database achieves its maximum value when it attains a critical mass of contributions. There is, however, value to insurers that join earlier in the process. Early participants can gain insights about prospective customers ahead of competitors. As an early adopter, you would also have the opportunity to gain a deeper understanding of market behavior and performance. Benchmarks and trending data can help you understand how your company’s performance compares to peer groups or the market. When it comes to selecting a database provider, in addition to checking technical capabilities, you want to make sure you pick one that adds value to your data contributions by augmenting and normalizing the data and improving outcomes for the industry.
For more information on what you should look for in a contributory database provider, and when to join in, download our whitepaper, Contributory databases can unlock value for insurers.
Other blog posts in this series:
Contributory databases can help insurers minimize blind spots
How can insurance contributory databases help consumers?
How do insurance contributory databases benefit carriers?
Shared data via contributory databases can work to insurers’ competitive advantage.