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Delphi for Insurance

What can it do for me?

Delphi for Insurance (DFI) is Experian’s proprietary risk score that can be used in underwriting  alongside the insurer’s own rating factors to assess the potential risk of an individual. It draws on a variety of compliant public data including credit bureau information.

Applying the Delphi for Insurance score in association with the insurer’s own information at the point of quote or sale makes decision making more accurate by qualifying the risk an insurer may be exposed to early in their relationship with a customer. Key areas of application for an insurer include:

  • Pricing and premium setting
  • Risk management
  • Customer segmentation based on risk
  • Automated underwriting
  • Fraud prevention
  • Risk optimisation and forecasting

Key Benefits of Delphi for Insurance

  • More accurate pricing -   identifying the risk associated with an individual at the point they make an enquiry enables you to price more accurately and minimise your exposure to loss.
  • Improved efficiencies – summarising your understanding of risk into a simple score that can be delivered quickly and efficiently improves your speed of decision making, reduces your dependency on manual risk profiling and deliveries efficiencies to your business
  • Better customer management increases customer satisfaction – making quick and accurate pricing and underwriting decisions in real-time means you can improve quality of service and increase customer satisfaction.
  • Flexible – Delphi for Insurance is available as a single score, a suite of scores or as a collection of individual variables that can be used to create bespoke risk scores unique to your target market.
  • Cost effective – Delphi for Insurance provides regularly updated risk scoring through a managed service, saving you the time and cost of maintaining your own custom risk scorecards.
  • Better insight– an individual’s demographic, lifestyle and financial behaviour including credit profile are a highly predictive and effective source of risk information. Incorporating this information into your underwriting processes improves the quality of your decision making.

Delphi for Insurance:

  • Simplifies the interpretation of complex public information and credit bureau data into a simple predictive score
  • Used in association with Experian’s validation tools at point of sale or quote it can help reduce risk and improve the accuracy of pricing
  • Flexible enough to be incorporated with your own data to create bespoke risk scores
  • Easy to implement into your existing pricing and underwriting systems
  • Regularly rebuilt to reflect the latest risk environment and economic conditions
  • Ensures compliant use of all elements of Experian’s consumer credit database

Delphi for Insurance can be matched to the names and addresses of customers using simple name and address matching such Experian’s QAS address match or our bureau service. The  data available in DFI enables you  to check the information volunteered by an individual  in support of their request for an insurance quote. Automated data check reduces the need for time-consuming manual checks and delivers greater efficiencies to your business.

Once a match between DFI and the customer contact is achieved any of  the individual variables held in the Delphi for Insurance database can be used; or alternatively a summarised Delphi score based on an analysis of the public data can be applied to assess risk.

All the data variables held in Delphi are updated on regularly which means that your assessment of risk is accurate at any point in time.
Alternatively you can apply Experian’s credit bureau data to your risk assessment to identify changes in an individual’s financial circumstances and apply this to your risk management. Risk scores that utilise full credit bureau information to understand a customer’s ability to pay can be used at the point of quotation if premiums are being paid by instalment. Analysis of credit data can once again be summarised in a single Delphi for Insurance score which makes it quick and easy to implement. Access to the Delphi for Insurance using Experian’s credit bureau data is only available to those organisations that become members of Experian’s CAIS (Credit Account Information Sharing) group

Use of credit bureau data provides a highly sensitive and advanced measure of risk that can improve the quality of your pricing and underwriting.

Delphi for Insurance using public data
Delphi for Insurance employs a variety of compliant public data for the scoring of risk in association with an individual and their asset.

Public data is that which is held in the public domain or available to licence from
a third party and is not subject to access via a closed user group. It is available to
any  organisations that signs-up to its compliant use. These include sources such as the Electoral Roll and Post Office Address File that can help validate name and address,  as well as demography, lifestyle and financial behaviour from sources such as Experian’s Mosaic UK consumer classification.

Insurers are free to use the individual variables or combine them with their own data to validate identity and underwrite risk.

Alternatively an insurer can access the summarised insight from this data in the Delphi for Insurance (DFI) score. An insurance score is a numerical ranking based an analysis of all the public information. The Delphi for Insurance score is an effective method of delivering insight efficiently at the point of sale or quote, and can be tailored to meet an insurer’s risk profile. Used in conjunction with data which validates the identity of the individual and their asset, DFI becomes an invaluable tool for more profitable underwriting.

Delphi for Insurance using credit data

Additional insight on an individual’s risk can be gathered from the application of more detailed credit information sourced from the individuals credit file held at agencies such as Experian.

The use of credit account information is based on the principal that the information is being used for credit assessment i.e. the customer’s ability to pay off a loan, and is bound by the Principles of Reciprocity. Credit Account information is only available to those organisations that become members of Experian’s CAIS (Credit Account Information Sharing) group. An insurance company accessing information from a Credit Referencing Agency (CRA) to quote for a repayment of a policy should leave a quotation footprint at the CRA – this is only shared with the consumer. If the consumer takes up the policy this should be replaced with a full credit footprint, and the resulting credit agreement  – this is then shared with other members of the credit data sharing database managed by the CRA such as credit card operator, bank or utility as part of the CAIS data sharing initiative.

Credit data provides more detailed information on the financial behaviour of customers.  Its depth and frequency of update gives you a more sophisticated measure of the behaviour of customers and the liability they present to your organisation.

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