Reduce management expenses and claims ratios and increase profitability through better and more efficient risk selection.
In the current economic climate, insurers and consumers are all under pressure. The risk of policy lapses are higher than ever based on a reduction in the disposable income of customers. In order to minimise this impact, insurers need to regulate what they have control over, i.e. service and costs. By utilising accurate data from reliable third-party sources, the time to process transactions can be reduced and the risk of inaccurate data being captured at the source can be mitigated. This results in a more pleasant customer experience, a reduction in the costs of policy acquisition, management and claims, better risk selection and an improvement in premium collection which collectively can assist in reducing the cost of insurance.
Insurers need access to deep, accurate data fast—for more refined customer and pricing segmentation practices, streamlined underwriting and operational efficiencies. Our innovative, credit-based and risk-management solutions are rich with unique data and advanced analytics to get you better information sooner. Through our partnership with SAIA we host the Insurance Data System database and have access into the National Transport Information System allowing access to claims, policy and vehicle information. Combining this information with our credit bureau data, auto information solutions and advanced analytics, we help you identify and verify customers, protect your book against fraud, present appropriate offers at the right time, and more. Armed with these innovative tools, you can confidently acquire and retain customers, improve underwriting and policy pricing, minimise risk at claims stage, compete more effectively and grow.
We offer our customers access to more traditional data with more unique data assets than anyone else, enabling more confident decisioning.
Consumer Credit Index shows credit conditions challenging in Q3, but not deteriorating rapidly
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Consumer Credit Index declined in the fourth quarter 2016 to 49.6 from an upwardly revised 50.3