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    Why home insurers need data and analytics


    A report on UK home insurance has underlined the benefits of data and analytics, and how technology providers can give insurers a competitive edge.

    The report*, by LexisNexis Risk Solutions, is based on a study of digital trends among a cross-section of insurance professionals. It says that the use of big data has become the industry norm, with nearly all home insurers (89 per cent) now using data and analytics somewhere along the insurance chain.

    However it found that only 57 per cent of them use data and analytics to price policies, while only 54 per cent use data to detect fraud.

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    How swift and accurate data helps insurers and homeowners


    A study by LexisNexis Risk Solutions has shown that home insurers could be working to improve the customer experience through better use of data.

    Out of the 1,500 homeowners who were asked, 68 per cent believed that when applying for insurance it is acceptable to leave out or manipulate information to keep premiums low. Nearly two thirds (61 per cent) were worried that they might accidentally leave something out of their application, while 25 per cent said that claims should be covered even when the information originally provided was not entirely accurate.

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    How insurance apps are improving the customer journey


    It’s not the destination, it’s the journey. We’ve all heard variations of that familiar phrase, and it rings true in commerce as much as in life. Consumer brands such as Amazon and Apple have built their reputations on technology that improves the customer experience, and insurers are following their example by creating insurtech apps to shorten journeys and smooth the route from applications through to claims.

    Unlike consumer goods, insurance is a grudge purchase. This often makes price the deciding factor, although convenience and the customer experience are also important. Because buying insurance is a hassle, we want any purchase to be as quick and easy as possible. And if we can get the best price at the same time, so much the better.

    All this is possible with the new breed of insurance apps which focus on pleasing modern consumers, who have come to expect digital interaction and on-demand service.

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    RDT partners with data provider When Fresh


    Insurtech innovator RDT has announced that it has formed a strategic partnership with cutting-edge data provider When Fresh.  The pairing means that RDT's clients will soon be seeing an even more accurate picture of their household customers, and improving the customer journey at application time.

    When Fresh will supply data services to support Equator, RDT's centralised rating platform, so that insurers can learn more about their customers and their property in real time at point of quote.
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