For an insurance provider, risk information is power – yet not every insurance provider is exploiting all information they could use to refine the pricing and underwriting of risks. For providers of commercial lines, a wide range of data types related to businesses and to the individuals who run them is now publicly available, enabling them to attain a deeper understanding of risks to be insured.
LexisNexis Risk Solutions wanted to find out to what extent providers are making use of these data sources and how much value providers believe such data can or could offer their business. We also wanted to find out why some providers are not yet using this data.
We commissioned a survey of UK insurance professionals with responsibilities related to commercial motor insurance underwriting or pricing, in the case of a first group, and commercial property insurance underwriting or pricing in a second group.
This whitepaper focuses on how commercial motor and commercial property insurance providers are harnessing the power of business data to inform risk management, and why some providers are not yet using this data.
• Key findings.
• Claims data.
• Commercial motor.
• Commercial property.
• Barriers to data usage.