Real-time data adds considerable value to the accuracy and competitiveness of insurance pricing and can improve the customer journey. However, having to rely on multiple providers and systems can be challenging manage. What if you had access to a variety of high-quality, real-time data services in one place?
The Data Insight Hub provides an ever-evolving source of insurance datasets and analytics accessible at any part of the customer journey, including the point of quote. It reduces the time spent prefilling property and motor fields during the quotation process, and can easily procure and incorporate any new, emerging datasets to greatly enhance an underwriter’s capabilities.
Having multiple providers of data can make building insurance products difficult, especially without being able to access the same data at the point of quote. With the Data Insight Hub, all necessary data assets can be accessed in one place, saving a lot of time and effort.
In personal lines, price comparison sites generate a high volume of transactions. In commercial lines, multiple properties or vehicles per policy can generate a lot of data. The Data Insight Hub has been built to cater for both high transaction levels and high data volumes. This ensures that your data feed is not constrained by search speed.
With an advanced decision engine built in, the hub can take data returned and turn it into bespoke calculations, scores, or flags that are specific to each customer. These calculated attributes can be easily consumed by quote engines or be used to personalise the customer journey.
Verisk has designed the Data Insight Hub with performance, availability, and agility in mind. It is quick and easy to add new data sources to the hub, and clients can host their own data, update it, and search for it in real-time.