Data collection

Data collection

1. Policyholder

   • I want:
     • A competitive efficient market
     • Insurers to specifically price MY risk
     • To understand how I can improve my risk / reduce price / extend cover
     • Availability of affordable insurance (for difficult risks)
     • Confidence in the financial security of my insurer
     • Fraudsters to be tackled
   • I don't want:
     • My privacy invaded
     • Uncompetitive collaboration
     • Unreasonable selection against me

2. Regulator

   • I want:
     • A competitive, efficient market
     • Confidence in the financial strength and stability of the market
     • Community interests protected
     • Affordable insurance for all
   • I don't want:
     • Anti-competitor behaviour or unreasonable collaboration
     • Privacy issues compromised

3. Claims Handler

   • I want:
     • Individual claims history
     • Automatic fraud indicators

4. Case Underwriter

   • I want:
     • The ability to profile individual risks
     • Accurate claims history for individual risks
     • Ability to recommend risk (price) improvements
     • To identify catastrophe exposure
     • Available fraud indicators
   • I don't want:
     • Exclusions (prefer solutions)

5. Reinsurer

   • I want:
     • The ability to better benchmark individual company performance / risk
     • Aggregated data for risk pricing
     • Catastrophe modeling / forecasting
     • Claims trends including large claims
     • To understand insurer capital management strategy
   • I don't want:
     • To share in-house analytical models
     • It to be too easy for "in and out" reinsurers to pick and choose segments

6. Broker

   • I want:
     • Confidence in insurer financials
     • Accessible market for my Client's risks
     • A competitive and affordable market
     • Innovative products
     • Specialists for difficult risks (not blanket exclusions)
   • I don't want:
     • Confidentiality and privacy of client information invaded
     • Too much collaboration across insurers

7. Portfolio Underwriter

   • I want:
     • Big data for better analysis (e.g. Predictive underwriting models)
     • To benchmark my data with market
     • To confirm trend identification (e.g. Claims)
     • The ability to differentiate my products / price / cover
     • Ability to use marketing analysis
     • Catastrophe information / risk analysis
     • To maximize capital allocations
   • I don't want:
     • To compromise my intellectual property
     • To fall foul of anti-competitive rules