Data Prefill -A Snap Poll for the Celent Executive Panel

Snap polls reflect questions posed by members of the Celent Executive Panel, a group of C level executives at insurance carriers. Questions for snap poll studies are submitted by members of the panel to gain feedback and insight from their peers.Celent keeps individual responses confidential. Data is analyzed in aggregate, and selected quotes are anonymized.

This deck provides a summary of responses to a snap poll conducted Dec 9 – Dec 13 2024 and Jan 13 – Jan 17 2025, on behalf of an insurer looking for insights third-party data aggregation for use during the underwriting process. 14 executives responded to the study. Participants were mostly smaller insurers, with a few larger insurers included.

If you are an insurer and are interested in participating and receiving these snap polls, please email kcarnahan@celent.com to verify eligibility.

The question that was posed was:

Background:

This insurer is using a data aggregation vendor product which automatically consolidates and presents data from publicly available third-party sources during the underwriting process. They’re concerned about the accuracy and quality of the data as well as the cost. They’re trying to decide if they should continue using their existing vendor, look for an additional vendor, or build their own solution.

Questions:

During the underwriting process, how do you obtain third-party data such as data related to permits, licensing, location, company, workers comp, OSHA, etc.?

• A home-grown system that accesses multiple data sources and provides that data across multiple systems as needed
• A single vendor that accesses multiple data sources
• Multiple vendors that access multiple data sources

Do you integrate the data by directly orchestrating the data within the underwriting workflow? Or do you access it as a standalone system? Or both?

What kind of data do you prefill? And where do you get this data from?

• SIC/NAICS codes
• U/W appetite questions
• Location data
• Driver/policyholder data
• Prior insurance information
• Loss data
• Financial data
• Medical/health data
• Any other data you prefill

How satisfied are you with your vendor(s) on the following aspects? Rank on a 1 – 5 scale where 5 is highly satisfied and 1 is low.

• Data availability
• Data accuracy
• Data quality

Do you take additional manual efforts after the data retrieval to validate accuracy?

Which vendor or vendors do you use?

What is the licensing mechanism? Do you pay the vendor based on transaction counts, premium written, number of quotes, number of issued policies, or something else?

Do you plan to continue to use this vendor product?

Do you believe you’re getting sufficient value from the vendor tools/services you’re using to justify the cost?

How have you made the business case? How have you justified the cost per transaction? What benefits did you include in your own justification?

Any other thoughts or advice for this carrier?