- FCA publishes final report of its Wholesale Insurance Brokers market study-no evidence of significant levels of harm that merit the introduction of intrusive remedies but some areas of concern with scope for improvement
- EIOPA issues Recommendations for the insurance sector in light of the UK withdrawing from the European Union without a withdrawal agreement
- Insurance Europe responds strongly to recently-published US Treasury/Internal Revenue Service’s proposed Base Erosion and Anti-abuse Tax (BEAT) regulations
- SCOR "delivers robust growth and solid recurring profitability" in 2018 says CEO Kessler
- KPMG report indicates UK InsurTechs saw over $1bn of investment activity through 2018, up from $792m in 2017
- Allianz increases fund size of digital investment unit to E1bn
- DeadHappy, the UK’s first fully digital life insurance brand, launched expired
- The Floow involved in UK Government’s UPLIFT project to enhance technologies in improved risk understanding for motor insurance products making mobility smarter and safer for all expired
- Unions and insurers issue joint warning about burden of significant increase in EU regulation on insurance workers expired
- FCA announces Goldwag as new Chair of the independent Financial Services Consumer Panel expired
- Antares appoints Battle as CEO expired
- Arig has tough 2018-has taken certain measures to reorganize its Lloyd’s book of business expired
11th July 2018
Outra’s Property Data enables UK insurers to streamline the customer journey and enhance overall customer experience
Data disrupter, Outra, says it has created the only property data suite specifically for the insurance sector comprising the most up-to-date, robust and reliable property data available on the market. Outra’s Property Data enables insurers to streamline the customer journey and enhance overall customer experience.
Outra’s Property Data comprises 29 million UK households. It has been compiled using 18 years of proprietary survey data which is enhanced with listings and EPC data. By bringing this data together and applying the latest machine learning and data modelling techniques, it is possible to accurately identify the type of property including its value, age, composition(e.g. number of bedrooms, bathrooms etc.) energy efficiency, last change of ownership, planning permissions, whether it is listed, reinstatement costs, and predicted move dates if under survey. Importantly, each of the attributes are assigned a confidence score so greater accuracy is achieved for modelled data.
The data forms the basis of the product suite, which includes:
-Form Fill: reducing the time taken by customers to fill in application forms through pre-population of information
-Risk and Pricing: detailed and accurate profile of the property to develop more predictive models
-Home movers: identifying 150,000 move triggers per month.
Comments Nick Henthorn, chief Revenue officer, Outra “Insurance is a sector where data really can play an integral role in enhancing the customer experience. However, until now there wasn’t a comprehensive, accurate, up-to-date, fully complaint solution. Our data and modelling are at the forefront of the machine learning revolution and we are changing the way that insurers can do business. It’s an exciting time, and this is just the start… we’ve got much more in the pipeline coming soon that will disrupt the status quo.”
Outra says it is a new breed of data business. It is disrupting the market by delivering compliant, propriety, cost effective and fast data-based solutions to common problems. This means brands can optimise individual customer journeys to provide a better customer experience resulting in increased incremental revenue.
Outra has an established network of exclusive data and tech partnerships. Clients include global brands from the retail, insurance, utility, financial services and travel industries.