The availability of accurate, real-time data could be the key to tackling underinsurance, argues Alun Jones in recent interview with Insurance Business, focusing on the problem that continues to plague the insurance industry.
In the second of a two-part special exploring the challenges and solutions around commercial underinsurance, Alun highlighted the role of brokers and access to data as two of the most important factors in getting commercial property values right from the start.
“I’d like to see brokers investing in data partnerships so they can better understand the risks they’re presented with and set realistic expectations for their client on premiums, as well as give insurers the granular level of detail they need to price accurately.”
As the gateway between the policyholder and the insurer, and the first point of contact, the broker is “pivotal” to the successful placement of business that can be realistically priced to ensure full coverage for the customer.
But to do this, they need data.
Data such as the size, use and rebuild value of any given property in the UK, is an independent figure, consistent across the country. If brokers can obtain that data in the beginning of the process, they will give insurers a much better chance of pricing the risk accurately.
Alun explained that partnerships with companies who can provide pre-fill solutions for this data could significantly aid brokers in obtaining the right data at the right time.
Read the full article in Insurance Business here.
Catch up on the first part of the report here
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