Quality data greatly improves insurers’ ability to precisely factor risk.
The ability of an insurer to accurately price its premiums is critical to sustainable, long-term profitability. Accurate pricing is dependent on precise and comprehensive location data. Upgrading commonly used vendor data sets to more precise parcel-level data can significantly reduce lost premiums—for example, more than $100 million of losses in Florida alone, according to recent research. Read Pinpointing the Issue: Why Hyper-Accurate Location Data Can’t be Overlooked in Insurance, a Forbes Insights report in association with Pitney Bowes, to learn how data improvements can help prevent losses and avoid underpricing. The briefing also offers best practices for improving data quality.
Read the Forbes Insight report on the importance of hyper-accurate location data to the insurance industry.