Property insurers are desperate to spin straw into gold and use the mountains of data available to generate valuable commercial insights that sharpen their pricing, deliver better loss ratios and improve customer experience. But the abundance and availability of data makes using it a bit like trying to drink from a firehose. To make it manageable, insurers must identify the individual data sets that will improve their risk understanding and which they can absorb effectively into their processes.
In this article, Edward Murray looks at the benefits of using external data providers and why some peril risks have proven more popular in terms of being profiled at a more granular level than others. The article also illustrates some of the key findings from recent research conducted by Verisk in association with Insurance Post.
Topics covered include:
• Top three key challenges faced by property underwriters.
• Difficulties with data.
• Future outlook.
• Collecting and using data.
• Perils impacting on pricing/underwriting property risks in the next two years.
• How have claims frequencies and claims values changed for specific perils?
• The most important data sources for underwriting property risk in the future.
• What are the biggest challenges faced in terms of assessing and managing property risks?