Context and objectives
With the boom of data providers and open data, identifying and using relevant data has become a major concern for many companies.
It is especially critical for banks and insurers, which need to better understand their risks and customers.
In this context, a major insurance player wanted to investigate opportunities to use external data, specifically for pricing.
Outcome
Presentation to management of the untapped opportunities, and of an organisation plan to screen new data sources continuously and easily assess their added value, with a focus on pricing.
Our approach
Step 1: diagnosis
- Clarification of current practices across eight markets, and benchmark of external practices
- Feasibility analysis of new data sources from a technical perspective (e.g. assessment of their added value in machine learning models) and a legal one (e.g. GDPR)
Step 2: build
- Organisational recommendations and best practices
Other case studies
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- Open data strategy Building a custom open data strategy in insurance and banking Read the case study →