In 2017, 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.
Using a mix of online panel and telephone interviews, we collected data from 55 motor insurance professionals, who all answered questions specific to their insurance line. To take part in the survey they had to spend at least 30% of their time in underwriting-related activities. The results show that the majority of respondents spend over 80% of their time pricing and underwriting policies.
Based on the study, this report explores the views held by personal motor insurers covering their perceptions of the benefits contributory databases give, or could give, to their organisations – whether that be improved profitability by making better decisions faster or being able to improve fraud detection through unique insights.