This is the fourth in a series of blogs discussing the benefits of contributory data to the insurance industry.
In the previous blogs in this series, I told you about how contributory databases can provide a number of benefits to insurance consumers and carriers through having complete and accurate loss and policy information. But these are just the beginning.
The insurance industry as a whole benefits from having access to information in a centralized, normalized and secure repository. The use of contributory databases in the personal auto market, for example, has lowered the rate of uninsured motorists by more than 20%. Many factors have contributed to the uninsured rate, but the greater availability of data—including contributed data—has helped carriers more accurately price and underwrite policies. The combination of lower rates, improved segmentation and increased availability of data have helped make P&C insurance more affordable and accessible.
For more information on how access to better information can help you make faster, smarter decisions, download our new white paper, Contributory databases can unlock value for insurers.
Other blog posts in this series:
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.