Data should point the way, not get in the way. Making the most of abundant underwriting data could depend on filtering out the noise, then adding insights to make the data even more insurance-ready. It matters in the small commercial market. When Verisk surveyed independent agents, they ranked accuracy, speed of quote, and ease of applying as more important than commission rate in their dealings with insurers.
An experience like that depends on actionable data. And the potential implications of clear versus noisy data don’t end with agent- and customer-friendly quoting. They can carry through to collecting the appropriate premium for the risk and on to claims, which can reveal whether the insurer has accurate exposure information or hidden risk in its book.
Three steps of noise reduction can help insurers draw clear signals out of the static:
- Refine data quality
- Extract relevant data
- Develop actionable data
Learn how to deliver the speed and ease of underwriting and quoting that small commercial customers and agents demand.
Who should read: Underwriters – Insurance carrier and MGA underwriters, especially in small commercial and BOP lines of businesses; product managers.