Benefit three
Adding third-party data can alleviate the processing pressure you face, by providing an enhanced view of risk and helping to validate the information provided by the customer faster. We’ve explored three ways third-party data could help you improve customer experiences and eliminate fraud.
3
Fast-paced pre-population
You’ll probably already be aware of the benefits that applying analytics at the point of claim can bring.
This practice allows for faster pay-outs, and happier customers. But customers are upping the ante, now expecting speedier quotes and other services to be provisioned at pace too.
The pre-population of application fields using third-party data sources allows an insurer to not only increase the speed of an application...but it also ensures the information provided is accurate and instantly validated."
Quotes still represent the greatest challenge when it comes to meeting the need for speed – especially in the ever-growing aggregator space. Customer validation and counter-fraud measures naturally have a decelerating effect on the rate at which quotes can be issued. And this creates an inherent friction between the demands of the customer and the need to prevent fraud.
Third-party data can once again help here. The pre-population of application fields using third-party data sources allows an insurer to not only increase the speed of an application – by reducing the fields the customer needs to complete – but it also ensures the information provided is accurate and instantly validated. Additionally, pre-population reduces the volume of post-sale fraud validation that’s required, improving the productivity of both the internal counter-fraud and validation teams.
Third-party data - your trump card
If you’re busy firefighting and keeping on top of the new challenges that arise each day, the thought of adding another item to your to-do list – in the form of embracing third-party data – might not sound all too appealing. Yet, as we’ve discussed, if that third-party data is not only able to improve the customer experience, but help prevent fraud too, you’ll probably feel differently about that prospect.
To find out how your organization could benefit from third-party data and explore the range of external datasets that you could introduce, talk to our insurance specialists today.
