Understanding and managing risk and exposure underpins almost every activity in the insurance sector. A better understanding enables more accurate policy pricing, better loss ratios and creates a more sustainable business. Industry regulations also require insight into levels of exposure.
How to Improve Risk Management:
- Data Management
Poor data quality can impact on your ability to conduct risk assessments. Without accurate data, you're unable to assess the level of risk. Maximum accuracy can be gathered by having the data in a central location for enrichment, analysis and visualisation.
- Location Intelligence
Having accurate and timely location intelligence and data can reveal the precise location of properties and businesses in relation to local risks such as flood, subsidence, crime and other perils. You can combine this data with other datasets for greater insight and accuracy.
Telematics - A Paradigm Shift for Motor Insurance
Telematics is a new buzz word within the general insurance market. Due to EU law, premiums cannot be based on gender but with such a competitive marketplace how can a general insurer remain competitive and ahead of the game?
Telematics provides the basis for a paradigm shift for motor insurance. It gives insurers the ability to move away from traditional segment-orientated models towards one based on individual driver behaviour. Furthermore, by developing a comprehensive picture of how, where and when a vehicle is driven, a far more accurate calculation of risk can be achieved.
With this insight, insurers can tailor products at an individual level, leading to a better customer experience, improved satisfaction and significantly enhanced retention rates.