Our clients, and particularly those writing household insurance products, have been asking us to innovate on their behalf. We know that the UK insurance sector is hungry for data and it is looking to deploy more data enrichment to be able to underwrite with greater and greater granularity.
When questioned in our recent survey, the view from insurance providers is that there’s a high reliance on customer self-declared claims currently in home insurance in particular.
Other sources of claims data are used by just half of the market. And yet, is customer-declared claims data so trustworthy, and is it sufficiently accurate on which to build the claims processes of the future? Can we reasonably expect a customer to recall the value and nature of their claims over many years?
Undoubtedly there is an opportunity to make things better in terms of the customer experience and to eradicate these blind spots around claims history.
In this video, Martyn Mathews, Senior Director of Personal Lines at LexisNexis Risk Solutions highlights how household insurance providers can underwrite with greater certainty by bringing together claims history with other data enrichment factors.