Doorda: UK commercial property data being used by insurance clients
Data company Doorda has announced that insurance clients Intelligent AI and Konsileo are using its UK data sets to enable more complete and accurate client profiling.
According to Doorda the UK commercial property insurance sector has faced tough times over the past several years - inflation, valuations, supply chains, Brexit and wider global unrest have all impacted risk measurement processes and premiums.
Whether you are a broker, an underwriting platform or a tier one insurance policy provider, changing risk profiles, controlling levels of risk exposure and analysing huge volumes of insurance data are a constant challenge, Doorda stated. Insurance is also an evolving industry that’s learning and embracing digital modernisation.
New technology is already offering great opportunities for new approaches, but this often requires the handling of large amounts of complex data that would drain operational time and cost. It is calculated that insurers have been using less than 10% of available data when making underwriting decisions and it is well known that data is regularly incomplete and unreliable. In property, data provided by landlords is often out of date or inaccurate, even address information is imperfect.
Konsileo is a commercial insurance broker, providing bespoke and informed negotiation services for SMEs. They source suitable insurance based on an accurate, complete and detailed view of their clients.
Meric Stanley, Lead Developer at Konsileo, commented: ‘‘Finding trustworthy data, reliably available when needed, is a huge priority. Our insurance discussions are based on detailed information about specific circumstances, rather than generic scores and Doorda excels in providing the detailed, raw data that is so key to our business. As a valued business partner, Doorda is always able to answer our questions about the data, their API is always reliable, and they are our first point of call for data.”
Intelligent AI brings together open data, proprietary data and AI extracted data to deliver a 360 degree view of risk across commercial property portfolios for property owners and the insurance sector. It offers AI and data analytics solutions that identify, measure, predict and mitigate risk whilst bringing clarity to insurers and commercial property owners through Digital Twin location profiles on 100% of locations within a portfolio.
Intelligent AI recognises that insurers often struggle to gather the data required to have deep risk insight in commercial property underwriting. In combination with other providers and their own technology, they use Doorda to get harmonised and structured data so that they can give a much higher quality service to insurer clients.
Anthony Peake, chief executive of Intelligent AI, commented: “As organisations look for environment, social and governance data, Doorda is able to address the social aspects by providing a wealth of geo-demographic data as well as proximity information about nearby properties and businesses. They are very good at data on the internal compartmentation and have also helped us in better understanding the makeup of multi-occupancy buildings.”
