Carriers want to leverage better data, but challenges lie in adoption

Discussions around applying artificial intelligence and analytics to insurance were in full gear this week as carriers and industry pioneers, BuildFax included, gathered at Insurance AI and Analytics 2018.

The event was focused on the ways in which insurance carriers can leverage analytics tools and insights to meet customer demands as well as their own business needs. As more insurance-focused AI and analytics offerings come to market, the onus is on carriers to identify relevant solutions and adopt them safely at scale.

The majority of the event discussions were centered on overcoming adoption hurdles. There’s no question insurance companies are moving towards adoption of AI and analytics solutions; using data effectively has powerful implications for a carrier, not the least of which is staying competitive in a constantly changing market. The question is, how do insurance carriers bridge the gap between data and business needs to achieve growth?

Robust Property History and Condition Insights  

Trusted by some of the largest insurance carriers in the U.S., BuildFax’s more than 23 billion data points on commercial and residential structures empower carriers to drive smart business decisions. From segmenting underwriting risk to optimizing claims inspection spend, BuildFax’s property history and condition insights support insurance carriers across all core business functions.

Flexible Data Integration and Delivery

BuildFax insights can be easily integrated into a carriers’ existing system. Our Roof Age insight, for instance, allows carriers to provide a seamless customer experience and assign roof age factors more precisely at quote and renewal. Additionally, our insights can be delivered in a variety of flexible formats to augment a carriers’ existing strategy across pricing, claims, underwriting, reinsurance and marketing.

The Future of Insurance

As AI and data analytics becomes more deeply integrated in the industry, carriers must position themselves to respond to the changing business landscape. Advanced technologies are already impacting the insurance industry, which has seen dramatic changes across the value chain. Now more than ever, it’s important for carriers to leverage a trusted data partner to support this rapid growth and deliver insights that improve business functions. Carriers that embrace opportunities for technological advances will have the competitive edge they need to thrive in today’s – and tomorrow’s – digital world.

For more information on how BuildFax property history and condition insights can inform your business strategy, contact us today.