A contributory database is a collection of data provided by market members that is normalized, standardized, aggregated and linked. With it, participating carriers can:
- Drive revenue growth and profitability through access to earlier and more information.
- Improve operational efficiency with a broader dataset to enable better risk assessment.
- Drive innovation by accessing a large repository of industry data.
- Protect themselves against security concerns.
In the video below, Victor Bayus, Vice President, Product Management for LexisNexis Risk Solutions, shares how contributory databases help insurers gain a competitive advantage. By uniquely applying the data to differentiate themselves, carriers can achieve better segmentation, more accurate pricing and increased conversion.
For more on how contributory databases can help you differentiate your business, visit our website and download our white paper, Contributory Databases Can Unlock Value for Insurers.