Contributory Databases can Unlock Value for Insurers
A contributory database is a collection of data provided by market members to a central repository that is then shared among the contributors. The ideal contributory database doesn’t just collect data and return it—the database adds value by normalizing, standardizing, aggregating and linking contributed data with other information. This enables carriers to:
- Drive revenue growth and profitability. With access to earlier and more information carriers can better segment and price risks, which enables them to grow premium, reduce expenses and improve customer service.
- Improve operational efficiency. A broader dataset enables better risk assessment—sooner and faster.
- Drive innovation. Carriers can innovate faster with access to a large repository of industry data that can fuel data analytics and product development initiatives.
- Access new tools. The data provided to a contributory database often results in additional tools that are valuable to carriers.
- Protect themselves against security concerns. Reputable database providers manage compliance, security and technology concerns for its contributors.