Unique Data and Powerfully Predictive Analytics
Today's insurance industry is hyper-competitive, so having the ability to offer great rates and service is essential to acquiring and maintaining customers. Data, analytics and technology can help insurers rise to meet the challenges of affordability, insurability and changing customer expectations – delivering game-changing results for your business.
Unique, data-driven Equifax Insurance Solutions can add value to your processes, reduce friction, manage risk, improve fraud detection and improve your customer experience and service levels. With our market-leading depth of data sources, powerfully predictive analytics and Cloud-native technologies, we offer a one-stop shop for driving improvement along insurers' entire policy lifecycle.
Examples of areas where we can help innovate and modernise:
- Pre-population - simplify the user process through automated pre-population of underwriting fields.
- Validation - improve operational efficiency and validate accurately in real-time, customer-supplied information about the business, people and assets you're insuring.
- Risk selection - improve pricing management with increased visibility into risk, including accurate, timely insights into the people behind the business.
- Claims screening - protect proactively from fraud by uncovering inconsistencies in claims submissions with AI, machine learning and predictive analytics.
- Portfolio monitoring - validate, check and supplement data for deeper insight into the health of your commercial portfolio and better.
Equifax Insurance Solutions Team
Our specialist team is here to work with you to develop transformative solutions for your business goals and challenges with the help of our most creative minds in data science, analytics and technology. Depending on your needs and priorities, we offer turnkey and custom-built solutions that leverage the differentiated data assets, predictive analytics and Cloud-native technology that only Equifax can provide.Your organisation will be poised for maximum growth with our problem-solving expertise and 360-degree customer views:
- Unlock new sources of value
- Reduce the risks of underwriting and protect against fraudulent claims
- Minimise data entry and manual reviews to become more efficient
- Give your customers better experiences that pay off with more loyalty, higher retention rates, and greater lifetime value.
The Benefits of Partnering with Equifax
Challenges & Solutions
Reimagine how to meet challenges, overcome roadblocks and set your team up for success with Equifax's unique data-driven insurance solutions
Improve the customer experience
In an increasingly competitive environment, delivering an exceptional user experience is critical to growth and retention. Customers applying for or renewing insurance appreciate something as simple as automatically populating forms with known information about them. By minimising the amount of data customers have to enter, insurers can reduce application submission times, improve the customer experience for current clients, and cut abandonment rates for prospective ones.
Our data prefill solutions for the insurance industry use identity data and uniquely differentiated data repositories to automatically populate information about the insured people, businesses or property. We can help you pre-populate fields relating to your customer’s business identity (e.g., director, company officeholder, bankruptcy), their company (e.g., trading name, company type, total turnover), and their property and assets (e.g., address, the value of building and machinery).
Reduce costs and grow revenue
Confirming the accuracy of data about the business, the people and the assets you’re insuring can reduce operational errors and minimise leakage through misinterpretation or non-disclosure.
With our identity verification, validation and fraud solutions, you can take a proactive approach to ensure the integrity, completeness and consistency of the information your applicants provide. For example, you may want to confirm whether an applicant lives at a listed address. Are they being truthful about their income and assets? Have they included all relevant details about their property?
Similarly, with claims submissions, you want to know whether the claimant is who they say they are. Have they submitted multiple times with multiple insurers? Have they overstated the value of their assets?
Applicants and claimants might be using different identities, or they might not even be a real person. We can help you verify the identity of individuals electronically or face-to-face and assess fraudulent activity in milliseconds.
Being confident in your customers' trustworthiness helps improve business performance and avoid loss through fraud and reputational damage.
Accomplish more and perform more efficiently
When you harness accurate customer data and turn it into intelligence that helps you better know your applicants and customers, you’ll be able to mitigate risks and fast-track decisions for business growth.
Equifax can help you build this greater identity trust by simplifying the application process, improving authentication and verifying identities. Expect a decrease in data entry and manual rework and an increase in the accuracy of submissions. Equifax D&A has found that adopting a digital, real-time solution can provide a 30% reduction in operational overhead and a 90% reduction in fraud risk.
Unique, data-driven insurance solutions from Equifax can help drive more informed decisions to increase revenue, reduce costs, solve problems and stimulate growth.
Catch fraud before insurance claims are paid
Claims screening helps uncover inconsistencies to improve fraud detection. By getting better at flagging suspect claims earlier, you can identify risks and avoid potential problems before they occur to reduce your loss ratio.
Equifax data matching and risk analytics work to detect fraudulent activity at every stage of the claims process. Inconsistencies between application data, for example, can reveal potential fraudulent omissions like failing to disclose an asset. Suspicious linkages to other businesses and people can expose widespread criminal schemes. Warning signs that appear in the credit profiles and financial assessment of a company and its directors can identify which submissions require further investigation.
For a complete view of potential risk, the key is to know the person behind a business, not just the business. As Australia’s largest consumer and commercial credit bureau, Equifax has the most accurate director linkages in the market. The depth and breadth of data we own or manage enables 360-degree insight into individuals and businesses. The sophistication with which we link, match and correlate data from different sources about the same person or entity enables insurers to identify claims fraud with greater speed and accuracy.
Improve personalised risk-based pricing
As machine learning and AI drives improvements in risk analytics, insurers can benefit from improved risk-based pricing. Drilling down into individual risk with a granular view of the business, people and assets you are insuring helps provide greater personalisation and more competitive quotes.
By comparing application and validated data, for example, you can ensure that your offering is appropriate for the insured business. And by uncovering information about the people behind the business, you can reveal insights about validity, financial stability and performance that increases the visibility of risk. We are unique in the market for our ability to pull together a detailed and comprehensive director profile.
The ability to offer competitively-priced products to lower-risk customers empowers insurers to provide a better customer experience and respond dynamically to changing environments.
Boost your insurance portfolio growth and profitability
Power up your portfolio growth and profitability by leveraging our rich data, advanced analytics, Cloud technology and risk expertise. We can help you uncover valuable insights for improved efficiency and market growth by validating, checking and supplementing the billions of digital records you collect daily.
Our portfolio review and monitoring services provide the highly-specific learnings you need to minimise risk exposure and drive proactive customer interactions. Matching your customer data to the Equifax commercial universe, for example, can confirm whether the customers in your portfolio are still valid businesses. Checking their entity type and registered status can help you better understand whether they have the right insurance for their business type. Supplementing your data with information about turnover and time-in-business can reveal whether your customers are underinsured and ready for a policy upgrade.
Keeping your customers loyal and identifying opportunities within your existing portfolios is essential to achieve smarter revenue. While at the same time, you can proactively manage the risk that may exist within your accounts. Our portfolio review solutions help you identify which accounts are performing well and which are at risk to help you grow customer relationships by engaging with the right offers at the right time and through the right channels.
More insurance related information and Insights
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Equifax Insurance Solutions eBook
Unique Data and Powerfully Predictive Analytics to improve insurers performance
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