Use robust third-party data sources to insure your customers more accurately
Both insurers and consumers are adversely affected by the tough economic climate and the risk of policy lapses are higher than ever due to a reduction in customers’ disposable income. Insurers can’t control the economy but they can regulate their service and cost in order to minimise its impact. One key way of doing this is to reduce the time it takes to process transactions while ensuring they mitigate the risk of data being captured incorrectly. And this can be done by using accurate data from reliable third party sources. Faster processes lead to happier customers and more efficient processes result in a reduction in the costs of policy acquisition, management and claims, better risk selection and an improvement in premium collection. All of this can assist in reducing the cost of insurance.
To achieve this, insurers need access to deep, accurate data and they need to do it quickly. This will allow them to work with more refined customer and pricing segmentation practices, streamlined underwriting and operational efficiencies. Our innovative, credit-based and risk-management solutions are designed to do just that: provide you with rich, unique data and advanced analytics so that you can access better information, fast. Insurance data is currently available in Rwanda and Malawi (coming soon to the rest of Africa), allowing access to claims, policy and vehicle information. By combining this information with our credit bureau data, auto information solutions and advanced analytics, we help you identify and verify customers, protect your book against fraud, present appropriate offers at the right time, and more. Armed with these innovative tools, you can confidently acquire and retain customers, improve underwriting and policy pricing, minimise risk at claims stage, compete more effectively and grow.