Big Data for Insurers: Internal and Online Media Data

Insurer’s Own Data

Insurer’s own data, also called first-party data, is the information collected by the insurer from their own customers. This information can include residential addresses, emails, phone numbers, and purchase history. 

Companies can obtain first-party data through interviews, form submissions, transactions, or through marketing efforts like comments, likes, and email clicks. This data can inform all your marketing strategies, from content production to pricing. 

This information lets companies better structure target segments and predict their behavior. Moreover, this data is perfect for personalization efforts. 

If you already collect your own data but do not know how to maximize the benefits associated with it, turn to DataArt. We will help you utilize your existing data to unlock new insights about your customers.  

Bottom line 

Once a company has a data collection system in place, software can help analyze that information to provide concrete insights into your client base. 

Online Media Data 

Online media data is the information collected from customers’ social media profiles which is then used to influence underwriting decisions. Many life and home insurance companies use social media posts to calculate an individual’s premium. Examples of companies using online media data include Hiscox, Liberty Mutual, Metlife, Aegon, and QBE. 

This data can be obtained from analyzing social media information from sites like Facebook, Twitter, Instagram, and Linkedin. 

To get started with online media data, there are a few things insurance companies need to do. The first is building a community of followers and responding to their queries. These agents will also be responsible for curating and publishing up-to-date content. 

Bottom line 

Online media data is a powerful resource in the underwriting process. Live feeds of user data can help companies make well-informed decisions.  

Simultaneously, there are so many gray areas when it comes to using customer data like seeking permission, not sharing with third-parties, and using it only for insurance purposes. Make sure your company is not breaking any rules. 

Originally posted here.