A leading UK Life Insurer
Our Client, one of the UK's leading Life and Pensions organisations, set us the challenge of providing a data solution which would allow them to improve their life assurance underwriting and approval process.
Providing the right price to a customer for their policy is always a challenge, and a fine art. Doing so without asking the customer a long list of medical and lifestyle questions is even harder. As such the use of external data to help predict key demographic information to help refine pricing and therefore provide as seamless an experience for the end consumer is vital.
Our client compared a large number of data sources from a number of data providers in an intensive and comprehensive test. Each was built into a series of models and ranked based on their ability to add value and create differentiation. These tests were repeated a number of times across a range of pricing scenarios.
More Metrics data provided through REaD Group outperformed many of the more "well known" variables from larger and more established companies. The data can be appended at postcode or individual level and is therefore easy to access and covers a number of key dimensions, which performed extremely strongly in the test models developed.