Data deliberations
If you’re tasked with tackling fraud in your insurance organization, you’ll know that while data can be a source of huge potential, it’s not without its hurdles. Big, enticing opportunities await if you’re able to interrogate your data and harness insight from it. To realize the benefits of successful data insights you face a series of challenges:
- Ensure your data is in the correct format.
- Use your data at the appropriate point in the customer journey.
- And you must implement the right technology to effectively manage, analyze and apply the data.
That’s a fair bit to think about. And although insurers are more than familiar with the process of gathering and storing customer and policy data today, making the most of that data (creating an advantage for your customers and your business) is trickier when you’re dealing with the vast volumes of information that exist today.
When more = less
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. In fact, third-party data has been used for some time by insurance firms, from sources including Identity Verification (IDV) and credit referencing data, both at the point of application and the point of claim.
Now, with insurers being pushed to automate processes and speed up the customer journey, there’s a collective effort to seek out new third-party datasets and find innovative ways to harness the potential of complementary external data. We’ve explored three ways third-party data could help you improve customer experiences and eliminate fraud – provided you have the right foundations in place.