In recent times, long-lasting low interest phases and increased damage claims, as well as increased costs, have made their mark on the insurance branch. The trend since 2004 of annually reducing insurance costs for customers, now seems to have stopped. Measures undertaken by insurance companies to reduce damage claims have shown effect and insurance premiums across all areas show a slight increase.
Against a background of mostly saturated markets, the greatest opportunity for growth lies in the acquisition of new customers. Representative customer data showing individual insurances already existing, create the prerequisites for successful expansion of the customer base. Implementation of Solvency II rules, with their stringent demands regarding risk capital, presents the branch with special challenges. Legal demands too, will increase during the next years.
Inconsistent data stocks have far-reaching consequences for companies striving to successfully operate in the insurance industry. Data problems, such as incorrect forms of address, or outdated address data, are the result of insufficient analysis possibilities and a missing 360° view of customer data. But the prerequisite for long-term customer loyalty, efficient policy administration, optimal consultation, and care of existing customers, is a view of customers across all insurance fields. Heterogeneous systems which have evolved over many years make this enormously difficult.
Only high quality data which can be efficiently linked enables a 360° customer data view. Promising business decisions are only possible with an optimal data basis, continuously maintained and cared for throughout all processes, and protected from being polluted with incorrect data.
High-quality data stocks are the prerequisite for optimal company-wide data administration in the insurance industry. In particular, this applies to the integration of differing insurance divisions, because a comprehensive view of the customer is often missing. Data management solutions from Uniserv enable you to make well-founded business decisions, and ensure efficient and exact workflows tailored precisely to the needs of your company. The Uniserv Data Quality Service Hub serves as a platform for your data management and creates the prerequisites for data exchange between external business partners and internal applications in accordance with branch standards (ACORD).
The Customer Data Hub is an effective and economical MDM solution for administering your customer master data, and enables you to have a 360° view of your customers. Uniserv Identity Resolution ensures that no redundant datasets remain in your customer databases. However, high data quality is not only important for effective customer segmentation; it is enormously important for representative customer analyses too. It also forms the foundation for successful implementation of Solvency II rules. With data quality initiatives from Uniserv, you create the prerequisites for complying with the demands of Solvency II covering the quality of your company data.