Next Generation Data for Insurance
Question #1 How many of you have… More than 200 LinkedIn contacts? An email address that has been active for more than 5 years? A private Facebook or Twitter Profile? You are very un unlikely likely to commit insurance fraud
Question #2 How likely is a restaurant to file a claim with the following: Very low customer rating scores Negative employee reviews Limited social media presence Very lik likely ely to file a claim within 12 months
The social web & next gen data is the foundation for the rating factors and underwriting rules of the future 4
The Next Generation Data Company SOCIAL & WEB ALTERNATIVE DATA SCORES DATA TOOLS INSURANCE CARRIER
Use Cases Across Entire Policy Lifecycle Product Portfolio Mark rketing ting Quote Qu te Issue Is ue Policy icy File e Claim Renew Development Management Lead Offer Accelerate Fast track Offer scoring incentives underwriting payments discounts Policy Fast track Report Investigation Report acquisition purchase avoidance avoidance avoidance MEASURABLE ROI ACROSS THE POLICY LIFE CYCLE
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Commercial Data LOSS BUSINESS PREDICTION PROFILE NEXT GEN DATA BUSINESS ATTRIBUTES CHARACTERISTICS
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Claims Activity Process
Claims Activity Alert 11
ROI Case Top 5 P&C Carrier Study 1. DATA 2. LIKELY FRAUD 3. SAVINGS 50k 3% 7.5m+ $ CLAIMANTS FLAGGED MILLION SAVED $5/CLAIM 750 CLAIMANTS 250k 5 k $ $ ROI- 30 x COST AVERAGE CLAIM COST REDUCTION
Why does this matter to reinsurers? • Accurate risk classification and pricing for underlying risks within a treaty can create significant reinsurance premium uplift • Primary claims fraud reduction protects both specific, facultative and aggregate reinsurance layers Next gen data & the rating factors of the future transforms risk for entire insurance industry
Next Generation Data for Insurance
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