Regulators overseeing the insurance industry frequently ask insurers for information. This includes financial reports, claims data and policyholder information through to total exposure to natural catastrophes.Learn more
Gathering this type of information is slow and expensive. Until now, it has required individual interactions between each insurer and each industry body. And with each insurance company using different systems and reporting formats, the data is difficult to use and assimilate.
The ideal solution is for insurers to easily share their data at a granular level to be consolidated with others at the customer level to identify industry trends, and the financial and risk implications. However, insurers are prevented from sharing this kind of information with each other due to privacy laws and competitive pressures.
We have teamed up with IXUP to facilitate secure data collaboration, and provide a regular supply of underlying raw data from insurers to regulatory portals. This overcomes the challenge of multiple formats, data privacy rules and competitive confidentiality.
Regulators agree data and reporting requirements with insurance companies, who provide the relevant raw data. Our role is to deliver the reporting and analysis based on the data that has been combined. Importantly, due to the way the IXUP platform works, no party’s data is shared with any other.
A number of the participants in the insurance ecosystem stand to benefit from this new way of acquiring and analysing data. Research and analysis can be done at a far lower cost and burden to the regulators. Information can be streamed constantly to the platform and reports are generated automatically according to pre-agreed criteria.
Insurers don’t have to incur the enormous costs of labour-intensive reporting and responding to ad-hoc requests. This will reduce their operating costs, with positive implications for premium rates. And, importantly, insurance industry and policyholders will benefit from more efficient regulation.