If your underwriters aren’t on point, you aren’t making money. The better they are, the more premium you can take on, at the right rate, without overextending your risk.
But underwriting has never been more difficult than it is today. The weather events that we used to see once per century? They’re coming around once every decade. Cyberattacks are so common that hearing about them barely makes us flinch. Innovation is changing the world at a record-breaking pace, with seemingly endless potential loss exposures attached to it. And the way we live and work looks nothing like it used to. Suddenly, traditional risk calculations that carriers have relied on for decades have become obsolete.
There’s no question that underwriters are facing plenty of challenges. And if you expect your team to only rely on first-party loss and claims data, you’re making their jobs harder. That’s why you need data – and as much as you can get access to.
Why First Party Data Isn’t Enough
The first-party data that you’ve relied on for years has helped you build your carrier organization to what it is today. But this intel only helps you analyze losses that you’ve already experienced. What about new challenges that you’ve never faced before? Or new industries that you’re ready to expand into? If you don’t have the right data for your underwriters to analyze potential losses and claims, they can’t make educated risk decisions.
That’s why you need to invest in third-party data.
Third-party data gives your business intelligence teams the fuel they need to build smarter actuarial models. With aggregated datasets, your teams can factor in real-world occurrences, even for situations they’ve never encountered before. It’s a more effective model than solely relying on your own loss history to try and predict your potential risk exposure. It will also help drive revenue to your bottom line.
Zywave’s Data Solutions
But where can you get the third-party data you are looking for? No matter what your underwriting focus is, Zywave has a dataset that will help your underwriting team. Here are just a few:
Market Basket: View aggregated quote data obtained through Zywave CPQ services to help identify new business and marketing opportunities, guide product development and more.
miEdge Analytics: Compare yourself against the competition, from a national to city level. And see information on the top 250 carriers and brokers, based on your search parameters.
Loss Insights: Get access to data on significant accidents, lawsuits, regulatory actions and events. A complementary suite of analytical tools enables analysis of trends to support decision making.
Are you ready to make third-party data an essential part of your underwriting tool basket? We’re ready to help – so let’s talk data! Zywave is here to make sure your underwriters have all the data they need to succeed.