Creating the data needed to understand growth

Data is a powerful tool for growth – if you have it. An important part of Swiss Re's data Analytics work is reducing the time and effort it takes for our clients to gather the data they need to grow or optimise their business.

Simply, not all insurers have the vast resources needed to collate and process new data sources. Swiss Re can develop tools that make that process effective and efficient.

For example, when Swiss Re was asked to support a client's re-entry into a new complex health segment, we began by addressing the lack of data and expertise needed to execute a disciplined quantitative approach to underwriting.

Our partner needed a solid analytical foundation that could allow them to put in place a quantitative approach to verify their assumptions, refine their strategy and set risk appetites.

Swiss Re met their need with a custom-designed dynamic web app that gives the client an automated and holistic view of prospective target client companies by combining over a dozen different industry sources with internal and external data. 

During the process, we addressed the efficiency issue in pulling together so many data points. By eliminating time consuming manual research and analytics, the company achieved a huge gain in efficiency in gathering information, reducing some processes from 1-2 days down to a couple of minutes.  

The large number of data sources used also results in a much broader view of the risk profile of individual companies. This reduces risk uncertainty and allows for very granular accumulation control, down to the substance level.

Thanks to our support, the client was able to roll out its new underwriting strategy in an unserved market within less than two months.

That's just one example of how we deploy data analytics to grow our client's business.

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