Anzeige
Mehr »
Login
Freitag, 29.03.2024 Börsentäglich über 12.000 News von 687 internationalen Medien

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche
GlobeNewswire (Europe)
22 Leser
Artikel bewerten:
(0)

Verisk Analytics Inc.: UK Insurers' Use of Third-Party Data for Analytics to Grow Significantly, According to New Survey by Earnix and Verisk Insurance Solutions

With the number of external data sources used expected to grow two to five times over the next three years, insurers are challenged to act quickly on new data sources.

Tel Aviv, Israel, and Jersey City, N.J., July 1, 2015 - Earnix, a leading provider of integrated customer analytics solutions for financial services, and Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, released today the results of a joint industry survey: UK Modelling Data Acquisition and Usage Trends Survey. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.

Based on responses from UK carriers and brokers, the survey points to significant growth in the use of external data for modelling in personal lines insurance expected in the coming years. External data is defined as any data not acquired directly from the consumer. Some of the most commonly used sources of external data include consumer credit reports, driver records and traffic violation history used in auto insurance, and catastrophe models for floods and windstorms used in property insurance.

As many as half of the respondents anticipate the number of external data sources used by their companies will grow three to five times over the next three years, and an additional 35 percent believe they will double the number of external data sources over this period.

"Some of the emerging data types expected to see high growth in use over the next three years include social media data, building permit data, third-party telematics data, and shopping behaviour data," said David Cummings, senior vice president of Insurance Operations and Analytics at Verisk Insurance Solutions. "Insurers will add these sources to gain even more value in their pricing, risk selection, and fraud detection models."

At the same time, incorporating new data types into the different models is a major challenge that is expected to grow as additional data types are adopted. The majority of companies take more than three months to incorporate new data types into their models. As many as 48 percent of carriers require more than six months to make use of new data types in their underwriting models.

"To meet new competitive pressures over the next decade, insurers are called to use more data, efficiently generate insights from this data, and execute on it quickly. The survey shows that investment in data is expected to grow rapidly, with 75 percent of respondents planning at least to double their investment over the next three years," said Aviv Cohen, vice president of Products and Marketing at Earnix. "Despite these trends, insurers are struggling with the challenges of incorporating new types of data into their analytical models."

Here are additional key findings from the survey:

  • Sixty-five percent of insurance carriers regard the use of external data for modelling as a "must have" to keep up with the competition. Brokers are still somewhat behind in terms of the number of data sources used, but most of them view the use of external data as a competitive advantage.
     
  • The use of social media data is expected to grow at the highest pace over the next two years (182 percent growth). Other data types expected to grow rapidly over the next two years include vehicle telematics data (137 percent) and shopping behaviour data (108 percent).
     
  • Better pricing, risk selection, and fraud detection are the greatest benefits insurers are realizing by using third-party data. Product design and marketing are two areas where significant growth in the use of external data sources is expected over the next three years.

                   
Complete results of the UK Modelling Data Acquisition and Usage Trends Survey can be found at http://earnix.com/uk-data-survey (http://earnix.com/uk-data-survey) or www.verisk.com/ukdatasurvey (http://www.verisk.com/ukdatasurvey).

About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq: VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon vast experience in data management, security, and predictive modelling to serve its clients, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance (http://www.verisk.com/insurance).

About Earnix
Earnix integrated customer analytics software empowers financial services companies to achieve optimal business performance through data science and predictive analytics. Earnix analytical solutions drive superior product, pricing, and marketing decisions, while ensuring alignment with changing market dynamics. Earnix combines predictive modelling and optimization with real-time connectivity to core operational systems, bringing the power of analytic-driven decisions to every customer interaction. For more information, visit www.earnix.com (http://www.earnix.com).

Contact:
Aviv Cohen, VP of Products & Marketing
Earnix
aviv@earnix.com
+972-3-753-8292

Giuseppe Barone/Colleen Finley
MWW Group (for Verisk Insurance Solutions)
201-507-9500
gbarone@mww.com (mailto:gbarone@mww.com)
cfinley@mww.com (mailto:cfinley@mww.com)





This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Verisk Analytics Inc. via Globenewswire

HUG#1933055
Großer Dividenden-Report 2024 von Dr. Dennis Riedl
Der kostenlose Dividenden-Report zeigt ganz genau, wo Sie in diesem Jahr zuschlagen können. Das sind die Favoriten von Börsenprofi Dr. Dennis Riedl
Jetzt hier klicken
© 2015 GlobeNewswire (Europe)
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.