Insurance, like many data-centric industries, has seen changes in recent years in the growth of third-party data, moving from an age of information scarcity to one of information super-abundance.
The growth in data is the subject of a new report from Novarica (Novarica Market Navigator: Data Services for U.S. Insurers 2012(Q1), which profiles 15 major data services providers that serve the insurance industry.
While insurers used to need to devote significant resources to gathering data about prospective risks and claims, more data than ever is now available on-demand (and at lower cost) from these commercial sources, according to Novarica.
This report contains information on 15 providers, including Acxiom Corporation, Dun & Bradstreet, ISO/Verisk, LexisNexis Risk Solutions, Marshall & Swift/Boeckh, Melissa Data, Merkle, MIB Group, Milliman, Neustar, Pitney Bowes, R.L. Polk, RiskMeter Online, Social Intelligence Corp, and USPS. Subsequent editions will include additional providers.
"Our insurer CIO clients are being tasked by underwriting, marketing, claims, and other areas to integrate third-party data sources with core production systems and analytics environments," says Martina Conlon, a principal at Novarica and lead author of the report. "This report is designed to give them an overview of the types of data, cost models, and technical details of major services providers."
In this day of data superabundance and instant accessibility, there are many vendors that provide a wide range of third-party data that may be incorporated into the marketing and business processes for U.S. insurers, according to Novarica. This report provides an overview of data services available to U.S. insurers.
The information in this report was collected from the data services providers using a proprietary Novarica RFI or from public sources of product and company information. The report contains a brief profile of the 15 key providers of data services to U.S. insurers.
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