With businesses needing a detailed and accurate picture of individuals to reduce fraud, enhance customer service and improve profitability, it is vital that they have access to as much reliable data as possible.
Ultimately, the goal is to use big data from across all internal systems and processes blended with relevant external data. Using geographical, behavioural and demographic information puts businesses in a position where they can choose to reject business or provide a more tailored customer journey.
Such data enrichment is already a hygiene factor for personal lines car insurance and in the next 18 months will become as important for commercial lines.
However, with such an immense array of data sources available it can be difficult to ensure the most relevant and accurate are used and to then translate the information gathered into something meaningful.
By working with SSP, businesses can update their processes in real time based on data enriched from a variety of valuable external sources, including LexisNexis Risk Solutions. For example, this allows insurers to provide dynamic real-time risk rating and accurate pricing at the point-of-sale and policy binding, with additional fraud identification.
As a result, they can offer personal risks to each customer, avoid bad business and become more competitive in the marketplace.