Small business underwriting is a risky business and getting the right information about potential customers is critical.
But with hundreds of data vendors providing different types of property and business information, identifying the best sources of information is a colossal bottleneck.
A fast growth small business insurer in the US was facing this very challenge. Indeed, the provider wanted to simplify its “quick quote” process by minimizing the inputs required from small business applicants and, instead, leveraging external data to verify the information and fill in the gaps.
The DemystLabs team reviewed over 30+ data providers and a range of data types to identify those sources most predictive of risk, including:
- Property type and size
- Building age, construction type and quality
- Company age and financial health
For each data provider, DemystData assessed the data coverage, attribute distribution and financial costs.
Within two months, the insurance provider was able to identify the most high impact data and financially effective sources from 30+ data providers and only focus on the data that matters.