Underwriting: 6 Key Big Data Sources
June 25, 2015 11:14 AM
Third-party consumer or business data
Fully half of the 58 respondents to Novarica's survey said that data collected by a third party to the insurance transaction has potential use in the underwriting process.
Geospatial
A further two-fifths of respondents cited geospatial data, such as that from geographical information systems, as a game-changer for underwriting.
Weather
With weather data getting more granular, a little more than a quarter of insurers expect it to have a bigger impact on the underwriting process going forward.
Telematics
Just under one-fifth of carriers say the increased number of cars transmitting data to insurance companies and other parties will change the underwriting process.
Video
An increasing amount of video is available, and that data can inform underwriters, according to about 15% of carriers surveyed.
Biosensors
In the life and health industries especially, the data from wearable technologies can be invaluable in underwriting, according to more than 10% of carriers.