We live in a data-driven world and the insurance sector is no exception. The quality of your data and analytics has real-life consequences for your business.

There are many ways in which data and analytics can influence insurer business outcomes. For example, having data available earlier in the claims process can increase efficiency and reduce costs. Access to contributory databases, in which insurers pool their data, increases the amount and depth of data you have available to help you make the right business decisions.

Data and analytics play a significant and impactful role in application and underwriting processes and are fundamental to accurately assessing risk―which is foundational to profitability. Overall, the ability to draw from robust and accurate data stores and apply sophisticated data analytics capabilities can help you:

  • Enhance acquisition and retention strategies
  • Price policies with precision
  • Manage claims more efficiently
  • Mitigate and prevent fraud

In short, your business success depends in large part on the source of your data, and your ability to effectively draw insights from that data. You need a reliable data and analytics provider who not only offers access to robust data but who also has the analytics capabilities to provide actionable information that can help move your business forward. So, how do you know who to partner with?

What should be considered when evaluating a data and analytics provider?

I share my thoughts in the video below.

To learn more about our commercial insurance solutions, call us at 800.458.9197 or email us at insurance.sales@lexisnexisrisk.com.