Profitable underwriting depends on reliable and relevant data. Today, thanks to insurtech, insurers have access to more data than ever before, which helps everyone in the insurance chain.
Data enrichment means that insurers need some way to store data, not only in huge volumes, but also in a secure format. The amount of data that insurers could gather about customers and their driving behaviour will grow with time as data-gathering technology use increases. Huge amounts of data are already being taken from telematics, GPS and dashcam devices.
It is believed that by 2020 about 1.7mb of new information will be created every second for every human on the planet, meaning that data storage requirements are going to grow exponentially too.
Cloud computing offers a practical solution for storage as it is scalable, highly accessible and cost-effective. It also complements the rapid advances in insurance technology, supporting end-to-end digital solutions for insurers.
RDT’s centralised rating platform, Equator, enables insurers to enrich data from multiple sources at point of quote and provides sub-second pricing. This fully scalable, cloud-based system is constantly pushing the boundaries of insurtech with its data enrichment capabilities.