Experian’s data is unmatched. If you’re looking to offer your customers better deals and improve the speed and accuracy of your underwriting, you need a data upgrade.
Click the headings below to discover how connecting with Experian can speed up quotes and claims, lower risk, and help your insurance business thrive.
Applying trusted, tested and robust insurance risk solutions is vital to protect your bottom line, but assessing which customers to insure, and which products to offer them, doesn’t have to be difficult. With the right data, you can keep potential risk to a minimum.
An applicant’s previous behaviour is the clearest possible indicator of their potential as a customer. By accessing the comprehensive data of the Claims Underwriting Exchange you can see six years of insurance history, allowing you to build a picture of the volume and frequency of an applicant’s claims as well as highlighting multiple claims with different insurers.
Is an applicant telling you everything? CUE data can also help your business automatically enrich new applications with extra information, allowing you to identify misrepresentation quickly – and additional identifiers like ExPin can help you match applicant data even if their details or circumstances have changed.
Sharing your customer data with a service like CAIS gains your business access to the credit history of over 500 million consumer accounts, offers information on over 13 million commercial credit commitments, and can even provide behavioural data based on credit and store card use. It’s the best way to avoid taking on bad debt.
Acting fast to prevent fraud is crucial. Aligning your internal systems with a broad API like iCache can help you access accurate, up-to-date enrichment data in real time – everything from ID confirmation to fraud risk calculations and automotive histories.
Your potential customers are free to choose any insurer, so attracting leads through fast, competitive and accurate quotes – and making the customer journey as snag-free as possible – is a critical component of your organisation’s growth.
Using an API like iCache is not only a way to weed out risky customers. You can feed its enriched data into your underwriting and risk assessment processes at the point of application, offering you an effective and swift way to generate quotes with the minimum of manual interaction.
Working with multiple data sources can cause serious engineering headaches. When you base your quotations on varied data from a single source, building quotation algorithms becomes much easier – and when that combined dataset is consistently growing and updating, you’ll be able to stay one step ahead.
A data upgrade gives you the ability to process quotes more efficiently and, in turn, means you can offer potential customers a quick, accurate answer. If you’re looking at lowering potential call times, reducing customer service demand, and giving new customers the smoothest onboarding experience possible, building in the instant business intelligence of services like iCache and No Questions Asked is the answer.
If you’re a broker, you face a different kind of risk – but making the right choices for both customer and insurer is still vital. With a broad selection of data like Experian’s feeding into your existing processing and transfer capabilities, you’ll be able to make stronger decisions and match customers to products in a way that makes your services attractive to insurers.
Retaining a loyal customer base means being responsive and efficient when processing claims. With comprehensive data and tools like Experian’s, you’ll be ready to react at a moment’s notice.
In the motor insurance space, aligning with third parties can make processing claims difficult – but accessing the Motor Insurance Database with the help of Experian’s MIDCheck tool gives you access from 80 insurers matching over 25 million policies to their associated vehicles. With the right data the process can be quick and easy.
Intelligent claims prediction drives next-level insurance and allows your business to be reactive and ready for anything. Cloud-based tools like Ascend Analytics could allow you to glean critical insights from your historical data without stressing your internal IT teams, helping you make better automated decisions.
No insurer should ever take a claim at face value, but manually spotting the signs of fraud can be difficult, slow and, for smaller claims, far from cost-effective. Accessing CUE home, motor and personal injury claims data through a tool like iCache can help your business to detect suspicious or fraudulent claims in milliseconds.
When paying out a claim, you need to ensure that the money goes to the right place. A service like Experian’s Bank Wizard Absolute can quickly verify that a customer’s account details are correct and that the account actually belongs to them. The result is a smoother payment process that protects your customers, while reducing the risk of loss from fraudulent claims.
No two cases or customers are the same, and sometimes the path forward isn’t clear. But by informing your decision making with the strongest data sets possible your business can work smarter, faster, and protect your bottom line.
Overhauling your data does not have to mean abandoning your existing systems. Employing an API such as iCache means you can integrate high-quality data and analytics into the pricing engine that your company trusts.
Insurance covers many different fields. Whether you’re looking to assess commercial risks, find accurate vehicle values and history, discover property information or reveal personal financial circumstances, a tool like iCache can help you access every piece of relevant data in one place.
Connecting to a platform like iCache doesn’t just deliver accurate, compliant and up-to-date data, it offers you the ability to perform real-time analytics on huge volumes of data. If you want to get ahead, that’s the edge you need.
How incorporating private credit data gives a greater insight to be able to better serve your customers.
Where to begin in order to see improvements and quick wins when it comes to your customer journey.