News Details

Your property risks are changing. Is your data keeping up?

11 December 2018

Your company's ratings for property risks are only as good as the data you rely on to classify and price those risks accurately. Over the years that you insure a property risk, the risk and the perils it is exposed to may undergo changes big and small that can impact the rating. But is that data reflected in your underwriting analysis? Or is your company renewing policies based on outdated information because you don't have the right solution?

Poor data quality can lead to premium leakage and that can impact the profitability of your property portfolio now and for years to come. If your company is building pricing algorithms based on a small set of claims data and outdated underwriting information, you may end up taking on the wrong risks or develop a customer segmentation strategy with built-in-flaws.

To address these challenges, insurance companies need to work with a partner that can deliver robust data solutions based on the largest, most accurate and reliable datasets. As the largest property data aggregator in Canada, Opta delivers premier risk intelligence tools and services based on the most superior data in the industry. Opta's data is continuously validated and self-corrected through real-time dialog and continuous research using the largest repositories of Canadian inspection reports and actual total loss data.

In addition to helping your business today as the industry's most powerful property data source, Opta can help you build successful strategies for navigating a hard market. Opta can help you address premium leakage in your company's property book through an analysis of in-force policies to gain insight on: what properties to inspect; properties with additional peril exposures; individual policy profitability; and the worst performing parts of a property book.

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