by Victor Bayus, Vice President, Product Management, LexisNexis Risk Solutions
Every insurance company has its own data: quotes, policies, claims, fraud experience, market trends and more. But when that information is isolated inside each company, each carrier can only achieve a view of its own business. In contrast, when carriers augment their book with market data, they can view their portfolio in the context of the market—as well as achieve new insights that aren’t otherwise possible.
A contributory database is a collection of data provided by market members to a central repository that is then shared among the contributors. The ideal contributory database adds value by normalizing, standardizing, aggregating and linking contributed data with other information. This enables carriers to drive revenue growth and profitability, improve operational efficiency, drive innovation, access new tools, and protect themselves against security concerns.
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