Data veracity in insurance

Efma feature

07 November 2018

As insurance organizations push towards automated, data-driven decision-making, the integrity and quality of their data becomes critical. Many insurance organizations are making extensive investments in ensuring they have reliable, accurate, timely data that gives them a competitive edge and limits their risk of making decisions based on poor information – these 2018 Efma-Accenture Innovation in Insurance Awards nominees show how.


AXA Group

With its GiveDataBack, AXA is offering consumers access to much of its claims and policy data so they can determine the risk of water damage and theft at their homes. The facility consolidates insurance data drawn from Germany, Belgium, Spain, UK, Italy, Switzerland and France. By entering an address on the GiveDataBack website, consumers can find out the probability, likely frequency, most common months and average cost of theft or water damage at that location. In this way, data veracity is enabling a new approach to risk prevention and consumer confidence.

Pitney Bowes (US)

Pitney Bowes has developed a new software application called Property Evaluator that is designed to make underwriters more productive. It does this by consolidating nearly 100 data points about a property into a single view. Property Evaluator analyzes the data and alerts the underwriter to any areas that require closer inspection. This increases productivity and reduces errors in the underwriting process.

While underwriters already have a wealth of data available to them, it is often scattered across multiple databases and source systems. To have a comprehensive view of a property, therefore, underwriters must frequently combine data from a dozen or more applications. Property Evaluator aims to change this.

Legal & General (UK)

Legal & General has developed a SmartQuote engine that uses 170 data sources to automatically calculate a price and underwrite a home insurance policy. Customers no longer need to answer 30- plus questions covering the type of locks or roof tiles they have—they can get a quote in less than 90 seconds with just five simple questions. The hardest question a customer must answer is “How many claims have you made in the last five years?”

RGA (US)

Reinsurance Group of America (RGA) has developed TransUnion TrueRisk Life, a credit-based life insurance score that uses behavioral attributes reflected in a consumer’s credit report to better determine an applicant’s risk profile and accelerate the underwriting process. This removes the need for time-consuming medical tests, simplifies risk assessment and improves the customer experience.

TrueRisk Life is highly predictive of mortality and the likelihood the applicant will keep the policy in force. The solution was validated against 92 million population lives and to date has been studied on more than 15 million insured lives. It provides a new, previously untapped view of an applicant’s true risk.

Submit your innovations on the Efma-Accenture Innovation in Insurance portal before 5 December to win the December 2018 Insurance Innovation of the Month. The winner will be automatically selected as a nominee for the 2019 Efma-Accenture Innovation in Insurance Awards. Participation is free of charge and open to all insurance players.

Keywords : Big data

Geography : International