Insurers can now improve decision making with the most accurate, granular financial insights into households and businesses nationwide
Doylestown, Pa. (March 3, 2015) – Insurance companies can now greatly enrich their datasets to discover previously unseen relationships and perform detailed analysis that can improve their decision making and marketing processes. Following a recent EY Global Insurance CFO Survey of financial and actuarial executives at insurance companies which reported that 66 percent did not have access to the quality and granularity of data required to do their jobs most effectively, Powerlytics is making its popular Market Intelligence Platform available to the insurance industry. Now insurance companies can access comprehensive economic analysis and insights into the 154 million households and 30 million businesses that comprise the American economy.
“We are leveraging the versatility of our Market Intelligence Platform to give the growing insurance industry unique new views of the American economy to make more informed decisions on risk and opportunity,” says Kevin Sheetz, CEO and co-founder of Powerlytics. “As insurance companies increasingly strive to differentiate between consumers who look very much alike across many demographics, they are rapidly exhausting the utility of their proprietary data and analysis. With our Market Intelligence Platform, insurance companies can now access the highest quality consumer and business financial data available. And, with over 200 variables tagged to each file, insurance carriers can fine tune their underwriting and marketing efforts with levels of precision never before possible. For insurance companies, this could ultimately result in outperforming the competition and greater profitability.”
Both Property & Casualty and Life & Health insurance companies have longed relied on statistical and other analysis to improve the underwriting and pricing of insurance policies. For the most part, they have been dependent on the analysis of their own, proprietary information to develop models that improve the selection and pricing decision process. However, this analysis has limits, as it only provides a perspective on the proportion of the population with which they have experience, therefore, subjecting their analysis to the same shortcomings that plague sample- or survey-based decision models.
Appending data from Powerlytics’ comprehensive database covering every household and business in the United States, insurance companies can gain highly accurate insights on market targets that were previously unavailable either in their own datasets or those purchased from organizations that compile and sell self-reported and sample-based data. Similar to how insurance companies have leveraged insights on real estate and vehicles in the underwriting process, having access to information that paints a better picture of the policyholder gives a much needed edge to insurers looking to optimize risk and improve decision making.
Sheetz concluded, “We are already making headway in the insurance industry, and are very excited to marshal our resources to support a dedicated practice that we think can be of tremendous benefit across the industry.”
Powerlytics provides the most comprehensive, accurate and granular consumer and business financial data available in the U.S. Our proprietary big data analytics platform analyzes anonymized financial information from publicly available U.S. government sources and reconstructs it into easily understood financial statements that provide a comprehensive financial view of the 154 million households and 30 million businesses that comprise the American economy. Major U.S. corporations and financial services providers are using Powerlytics’ data to manage risk, discover potential markets, drive corporate strategy, benchmark performance and enhance both business and consumer target marketing. Visit www.powerlytics.com for more information.