Insurance Data Solutions

In an increasingly competitive market, it is becoming more difficult for insurers to gain competitive advantage, putting even greater emphasis on increasing revenues and reducing costs.

  • Manage risk and optimise pricing
  • Maintain customer relationships
  • Improve customer experience.

Making smarter and faster use of data assets to engage more relevantly with customers is key. Through advanced modelling and analytics underpinned with AI and data science, Outra has a range of cutting-edge data solutions that are proven to meet the objectives of both Marketing as well as Risk and Pricing. Whether that be to improve the customer experience or maintain relationships, or to manage risk and optimise pricing.

Our proprietary insurance data suite comprises the most up-to-date, 30% more coverage (29M households), fully verified and compliant data available, all delivered quickly and easily by API. It has been compiled from 18 years of Mortgage Valuation Data which is enhanced using planning permissions data, listings and EPC data. By bringing this data together, combining it with our insurance clients’ own data and applying the latest machine learning and data modelling techniques, it is possible to accurately identify the type of property including number of bedrooms, accurate square footage, rebuild cost, value, age, composition, energy efficiency, last change of ownership, whether it is listed, and predicted move dates. The 50+ key property attributes and 500+ additional local and behavioural attributes are assigned a confidence score allowing more assured and effective decision- making.

Manage Risk & Optimise Pricing

To gain a comprehensive view of potential risk, insurers need to be able to rely on accurate data that can be applied to every decision. Outra has created a number of key variables that can support insurers in identifying potential risks and therefore optimise pricing models. These include;

  • Water escape; understanding the number of bathrooms, flat roofs and any building works undertaken on a property that are all key factors of risk
  • Size; gaining an accurate view of the number of bedrooms and square footage of the property
  • Home Rebuild Cost; our unique variable that provides the rebuild cost for 29 million houses across Great Britain, including confidence scores giving you the autonomy to create your own thresholds around policy pricing.

Maintain Customer Relationships with Home Move Triggers

It is significantly more cost effective to retain existing customers than acquire new ones. You can do this by predicting your customers next move and communicate with them in a timely manner. To help you do that, we have combined our proprietary Outra Property Data with exclusive mortgage valuation data to offer the most comprehensive set of Home Move Triggers in Great Britain. By applying leading data science techniques and predictive modelling, we have developed c.130,000- 150,000 triggers per month, delivered in batch or via the Outra API.

Improve the Customer Experience with Home Insurance Form Fill

55 million policy purchases are abandoned each year during the application process. Our Home Insurance Form Fill solution is built on proprietary Outra Property Data and includes our unique Home Rebuild cost attribute. Pre-populating your online applications using the Outra API will make it easier and quicker for your prospects to complete and gives you more accurate information. We provide confidence scores against each modelled variable, enabling you to choose which variables you want to include.

Please get in touch to discuss how Outra can drive results or request a FREE DEMO