Three data management practices of specialty insurance change makers

Many corporate insurance buyers lack a unified view of their risk data, which is often found in multiple locations across the business. Companies that can effectively create a single and live view of their risk are able to better understand the performance of their risk portfolio.

For many insurance leaders, having a single and live view of risk that our platform provides was a key enabler to understand the performance of their risk portfolio and consider alternate forms of outwards reinsurance protection to secure their position in a competitive market. 

Similarly, in these organisations, data democracy was a key driver, with individuals empowered to access and own the data, ensuring everyone across the insurance value chain is bought into the value of data to enable better decision making and engage in routine data set maintenance.

Risk managers often highlight the challenge of pulling together pertinent data from recognised sources. By obtaining the correct data management tools and platforms to automate the collection of this data, these teams can better optimise their focus toward value-adding activities instead of manual, administrative tasks.

Through machine learning-enabled mapping to a data standard, less time is spent on collecting data and more time is spent on understanding it. In addition to this by using enrichment providers and defining rules for outliers, completeness and accuracy, the data quality can even be improved. By having all that data in one place, industry leading risk managers can provide their risk summary dashboards with richer insights based on how insurers would view the risk.

At Insurwave, we believe that increased operational efficiency can be achieved for risk managers, including automatic alerts offering the ability to focus on the key risk events and being able to make faster decisions to mitigate risk, as well as improve balance sheets and risk retention strategies for captives. 

Similarly, using a data management platform to manage all their data in one place enabled these industry leaders to directly connect with the market to share updates automatically and configure automation rules through setting up rates, business rules and templates for specific events to automate operational processes.

Having a single source of truth to maintain asset and related data in a single place, minimises the need for mass consolidation exercises while a unified data model can standardise the way asset and insurance-related information is captured across the business. 

Organisations which can effectively achieve a standardised output, were able to do so due to having a detailed and easy-to-digest view of their exposure data and premium change trends by cause. Insurwave’s intuitive analytics dashboard informed a more effective decision-making process for their certain organisation’s captives to better allocate their resources.

Ultimately, the companies that drive standardisation will greatly reduce the need for manual manipulation of data at renewal, which means fewer human errors and more time to focus on value-add activities. It also means all parties have a single language across the business, and can start to drive effective analysis, informing risk transfer decisions.

The insurance landscape is constantly evolving. However, companies that champion these practices have effectively fortified their risk management frameworks and positioned themselves at the forefront of industry innovation. By embracing a unified view of risk, harnessing automation for efficiency, and standardising data collection, your organisation can pave the way for navigating the complexities of data management effectively. Addressing these areas allows insurance entities across the value chain to focus on value-driven initiatives and make more informed decisions, ensuring resilience and adaptability in the face of uncertainty.