LexisNexis Risk Solutions recently commissioned a survey of UK insurance professionals with responsibilities related to commercial motor and commercial property insurance underwriting or pricing. Of the professionals surveyed, surprising insights as to what extent they are making use of business-related data sources, and how much value they believe such data can or could oﬀer their business where revealed.
The study reveals recurring themes in the use of diﬀerent types of business data by both sets of insurance providers. Including that for an insurance provider, risk information is power – yet not every provider is exploiting all information they could use to refine the pricing and underwriting of risks. For providers of commercial lines, a wide range of data types related to businesses and to the individuals who run them is now publicly available, enabling them to attain a deeper understanding of risks to be insured.
Find out to what extent providers are making use of these data sources and how much value providers believe such data can or could oﬀer their business.