- Newslink Global Insurance Trends-The Week
- Lloyd's first half aggregated market profit £0.6bn-combined ratio improves, investment income drops
- Standard & Poor's reports on Monte Rendez-Vous
- LMA launches new report-"InsurTech-led change in the Lloyd’s Market"
- Willis Towers Watson report says 71 InsurTech funding transactions in second quarter a record but $579m invested down 20%
- Over twenty insurance sector start-ups set to unveil their intention to form an alliance known as Insurtech UK.
- Accenture survey indicates financial services firms are closing the gap on cyber attacks, having stopped four in five of all breach attempts last year expired
- RMS and Cambridge Centre for Risk Studies(CCRS) announce the release of a new Data Definitions Document v1.0 for 14 different classes of insurance exposure which covers an estimated $554tr of total insured limits globally expired
- Willis Towers Watson announces Property Quantified, a first-of-its-kind technology platform to help organisations analyze potential property losses across a global portfolio with the aim of optimizing risk transfer and insurance strategies expired
- CII reduces gender pay gap expired
- ABI commissions new report-"Tackling the gender seniority gap: what works for the insurance and long-term savings industry" expired
- SSP becoms a signatory of both the Inclusive Behaviours in Insurance Pledge and the Tech Talent Charter 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.