How Data Can Help Communities Underserved by Insurance Industry
Summary
For example, every day almost 10,000 households move and there are 3,000 daily changes to the Postcode Address File, resulting in almost 20% of businesses losing a customer because of incomplete or inaccurate data. (4) “Often, the data companies have access to is unorganized raw material that needs to be cleaned, rationalized and transformed before it can be used to make decisions,” says Traffk co-founder and CEO Paul Ford. While Traffk’s cloud-based AI assisted software can process 4,000 different kinds of data from 20 years of mortality, demographic, health and government trends resulting in a totally different, more dynamic algorithm. If there was a way to recapture 5% of the people who were typically denied, that would mean the entire multi-trillion-dollar industry would grow by 5%, having a tremendous beneficial effect all across the board.” As insurers look to realize the benefits of data, poor quality will remain one of the fundamental challenges that needs to be addressed. A West Monroe Partners survey, identified poor quality data as the biggest roadblock for insurers looking to implement digital information into their decision-making process leading to a compromised customer experience, missed opportunities and incorrect risk evaluation.