How more open attitudes to data enrichment and contributory databases could boost profits for commercial property insurance providers
Previous research commissioned by LexisNexis Risk Solutions has revealed a healthy appetite for making greater use of data and analytics among commercial property insurance providers. A survey conducted within this part of the insurance sector in late 2016 showed that 86% of commercial property insurance specialists thought use of data and analytics would probably or definitely “drive and transform” their insurance businesses within the following two years.
One year on, we wanted to find out what professionals in this sector thought about the impacts that use of data enrichment and contributory databases could have, or are already having, on their businesses.
To this end, we commissioned a survey of 77 individuals working for commercial property insurance providers, to ask them for their views on:
• The value of using different data types to enrich quotation, underwriting and other business processes.
• Their perception of the value of using centralised, market-wide contributory databases through which multiple insurance providers might share property, policy and claims data.
• Their willingness to contribute data to databases.
Download this report for analysis of the research and to find out how commercial property insurers can leverage the full potential of data enrichment techniques and contributory databases to improve performance and profitability.