Insurance Companies Lose Out on Almost £200 Million Because of Outdated Data
Summary
By failing to take advantage of the ‘Not Yet Built’ data and daily updates to databases, insurance companies are operating on out of date information, turning thousands of potential customers away.With the average combined cost for home and car insurance at £788 per annum, companies are missing out on approximately £173,115,720 of consumer business each year, as well as suffering harmful brand damage as customers who meet the necessary criteria are inexplicably turned away.Furthermore, companies are refusing to provide insurance quotes to consumers moving into newly built homes due to new postcodes not being uploaded to insurance databases.Postcode Anywhere, a leading provider of international address management software that conducted the research, revealed that despite organisations increasingly tackling data quality with address validation software, very few are capitalising on daily updates and ‘Not Yet Built’ addresses.The ‘Not Yet Built’ database contains information from Local Authorities on properties that are in planning or construction stage.But if insurance companies fail to capitalise on these new, easily adopted systems they might not end up with records as accurate as they might assume.“Including Not Yet Built data and daily updates can open the door to literally thousands of previously inaccessible prospects.Enhancing data insight to increase effectiveness and efficiency is imperative, not only from a customer and sales perspective, but also from a wider organisational point of view.” Contact Information Postcode Anywhere Natalie Green 1-866-838-9075 www.postcodeanywhere.com Click here to view the company profile of PCA Predict Click here to view the list of recent Press Releases from PCA Predict