Why Third-Party data is the Insurance Industry's Best-Kept Secret

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If you’re tasked with tackling fraud in your institution, you’ll know that while data can be a source of huge potential, it’s not without its hurdles. Big, enticing opportunities await if you’re able to interrogate your data and harness insight from it.

Adding third-party data can alleviate the processing pressure you face, by providing an enhanced view of risk and helping to validate the information provided by the customer faster. In fact, third-party data has been used for some time by insurance firms, from sources including Identity Verification (IDV) and credit referencing data, both at the point of application and the point of claim. With insurers being pushed to automate processes and speed up the customer journey, there’s a collective effort to seek out new third-party datasets and find innovative ways to harness the potential of y external data. In this report, we’ve explored three ways third-party data can help insurers improve customer experiences and eliminate fraud.

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