With over 19,000 and counting data sources available on data.gov.uk alone, organisations are struggling to truly harness the amount of information, data and data feeds being published every day. Making sense of the shapeless data surging through enterprises requires new ways of working and ordering datasets.
By combining your own policy and claims information with third party data such as weather, traffic or number of vehicles information, you can start to consider new rating factors. For example, a fleet of vechicles operating in town centres with a high proportion of pedestrianisation may have lower levels of accidents than town centres with little or no pedestrianised streets.
Our recent report on data analytics found that disparate streams of data become more meaningful when aggregated and calibrated, allowing underwriters to validate patterns of behaviour and magnify risk visibility. By linking datasets with a fixed and verified point of reference such as location data, you can begin, as an underwriter, to make sense of the data diaspora. Location becomes the one constant across these datasets.
By pulling together data in this way you can:
- Improve the accuracy of pricing to property level
- Model and predict the frequency of claims
- Reduce the number of losses during a major event, for example flooding
- Reduce re-insurance premiums due to providing detailed information to your re-insurer
Relying on the most accurate and up-to-date location data is imperative when modelling and predicting the frequency of events. Here at Ordnance Survey we have 350 surveyors on the ground using the latest technology, with two planes capturing up to 10,000 changes to Great Britain every day. Our location data including the definitive addressing database is available online as a web service with 24/7 access; saving you the hassle of storing, serving and updating data.
Find out more
Contact us to arrange a free discussion and find out how your business can benefit from using location data. Alternatively call Emma Proctor (023 8005 5669) to arrange a meeting to help unlock the power of your own data, to reduce losses, improve pricing and reduce re-insurance premiums.