Deep, rich and meaningful – Insurers see data and analytics transforming their business

LexisNexis Risk Solutions released a comprehensive study on how digitisation is affecting the UK insurance market today. Conducted anonymously, the survey included a variety of insurer perceptions, attitudes and market insights - from defining digital strategy and digital risks, to understanding the value of using data enrichment and contributory databases.

Based on the study, this whitepaper examines differing attitudes between personal lines motor and home insurers towards data enrichment. It begins by looking at insurers' current perceptions and beliefs around data and analytics - and whether data and analytics could deliver better insights and more value throughout insurance customers' policy lifecycles, such as in claims and at point of quote.

The survey showed that both lines recognise the potential benefits of data and analytics and the increasing impact they have on many aspects of their business.