Articles - UK Modelling Data Acquisition & Usage Trends Survey

How UK Insurers use Big Data: Earnix, a leading provider of integrated customer analytics solutions for financial services, and Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, released the results of a joint industry survey: UK Modelling Data Acquisition and Usage Trends Survey.

Based on responses from UK carriers and brokers, the survey points to significant growth in the use of external data for modelling in personal lines insurance expected in the coming years. As many as half of the respondents anticipate the number of external data sources used by their companies will grow three to five times over the next three years, and an additional 35 percent believe they will double the number of external data sources over this period.

This first of its kind survey shows that the use of external data for modelling in personal lines insurance is expected to grow 2-5 times over the next three years, challenging insurers to act quickly on new data sources.

With over 20 figures and charts, this detailed report includes answers to questions such as:

What are the expectations for growth in the use of external data over the next 1-5 years?
Which data types are most commonly used by brokers and carriers?
Which emerging data sources are expected to grow at the fastest rate over the coming years?
How long does it take carriers and brokers to incorporate new data types into their models?

Click below to download the report.