Using data to gain competitive advantage at point of quote – don’t follow the flock

Across the insurance industry, point of quote data checks have become increasingly common as a means of ensuring the correct risk assessment is undertaken, safeguarding both the customer and insurance provider.

Data enrichment is an automated process whereby insurers can validate applicant details by cross referencing multiple data sources including e.g. claims history, bureau data and possible linked addresses gathered from multiple sources.

To outperform the competition, insurers need the technical ability to process point of quote and sale data and the vision to prioritise the data they wish to mine and how it should be used.

There are a number of potential pitfalls to navigate in adopting data enrichment as part of any underwriting strategy - so what are the top 5?

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