Data company Doorda has announced that insurance clients Intelligent AI and Konsileo are using their UK data sets to enable more complete and accurate client profiling.
According to Doorda, the UK commercial property insurance sector has faced difficult times in recent years: inflation, valuations, supply chains, Brexit and the broader global unrest have affected the measurement processes of risks and premiums.
Whether you’re a top-tier insurance policy provider, broker or underwriting platform, changing risk profiles, monitoring risk exposure levels and analyzing large volumes of insurance data is an ongoing challenge, Doorda said. . Insurance is also an evolving industry that is learning and embracing digital modernization.
New technology already offers great opportunities for new approaches, but this often requires handling large amounts of complex data that would consume time and operational costs. It is estimated that insurers have been using less than 10% of available data when making underwriting decisions and it is well known that data is often incomplete and unreliable. On the property, the data provided by the owners is often out of date or inaccurate, even the address information is imperfect.
Konsileo is a commercial insurance broker providing personalized and informed trading services for SMEs. They obtain adequate insurance based on an accurate, complete and detailed view of their clients.
Meric Stanley, Konsileo Lead Developer, commented: “Finding reliable data, reliably available when needed, is a high priority. Our insurance discussions are based on detailed information about specific circumstances, rather than generic scores, and Doorda excels at providing the raw, detailed data that is so important to our business. As a valued business partner, Doorda can always answer our data questions, their API is always reliable, and they are our first point of call for data.”
Intelligent AI brings together open data, proprietary data, and AI-mined data to deliver a 360-degree view of risk in commercial property portfolios for homeowners and the insurance industry. Delivers AI and data analytics solutions that identify, measure, predict and mitigate risk while providing clarity to insurers and business owners through digital twin location profiling across 100% of locations within a portfolio .
Savvy AI recognizes that insurers often struggle to collect the data needed to gain deep insight into risk when underwriting commercial property. In combination with other providers and their own technology, they use Doorda to obtain harmonized and structured data in order to provide a much higher quality service to insurance clients.
Anthony Peake, CEO of Intelligent AI, commented: “As organizations search for environmental, social and governance data, Doorda is able to address the social aspects by providing a wealth of geodemographic data as well as proximity information on properties and businesses. close. . They are very good with data on internal compartmentalization and have also helped us better understand the composition of multi-occupancy buildings.”