Big Data & People Data

Big Data & People Data

September 14, 2018/ 0 Comments / / by Jim Gardner

I am entertained by data, big data and small data!  I enjoy cruising Zillow, Realtor.com and Google Earth!  It is rather addictive to check in on the value of our home or look at aerial imagery of my old elementary school.  There is just something about it. I feel that the interactivity of the experience has a lot of power.  

Big Data

P&C carriers are just as interested in this “big data” as the P&C consumer is.  Just for different reasons. 

This Willis blog post speaks to opportunities in big data for P&C carriers.  Some of the promising areas were:

  • Underwriting
  • Risk Selection
  • Loss Control
  • Marketing/Distribution/Sales

Of course, these are rather obvious areas where big data can be leveraged by carriers.  But what is the path to combining the policyholders interest in data about them with data the carrier is using to service the policy?

In other words, if the policy holder enjoys looking up their property on Zillow to see the price change, what data can the carrier deliver that would be a good read as well?

How big data can be used

The Hook

Well, first we need a hook.  How to engage the policyholder into the conversation.

My suggested engagement (no surprise here) is a self-service property inspection.  This is where the policyholder (commercial or personal lines) does a walk-through of their property and shares images and data with the carrier and agent. Trigger questions can be inserted to identify upsell opportunities such as high levels of inventory or multiple vehicles.

This delivers immediately available interior, granular information about the property, exposures and sales opportunities to the carrier.

The carrier or agent can then re-package the information from the policyholder with data on wildfire hazard, distance to fire hydrant, crime level and more.  The report back to the policyholder would be branded and could be customized further based on presence of risk exposures such as dogs, pools and parking lots.  Risk mitigation information can be integrated and delivered back to the policyholder. 

This engagement can happen at prospecting/lead gen, point of sale, post-engagement or thru campaign focused interactions throughout the policy life-cycle.

Conclusion

The biggest opportunity is the engagement with the policyholder.  In most cases, it will exceed the value of loss control and risk mitigation.    

This approach re-imagines inspections and brings value to a sector that often creates brand damage.

So, while Willis has predicted that Big Data will grow almost 300% in its usefulness to P&C carriers, the real value may be in how big data can drive customer satisfaction, pre- and post-sale.

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