Having analysed your existing book to profile your ‘perfect customer’, aligned your risk appetite and identified those most likely to close, how do you then prioritise the best leads from among 5.7 million UK SMEs? Where do you start?
We’ve listed the top 7 open source data sets that you should be analysing to help find your targets.
A business’s website offers many insights, particularly when it comes to how tech-savvy the company is. If the website is strong, the business is more likely to have stronger growth compared to those with lower scores. There are a few different sources to look at here to identify the best:
- Check the ICO (Information Commissioner’s Office) registrations
- Is there a website CMS (Content Management System) and how up-to-date is it?
- How good is the website’s SEO?
- How accessible is the website, how often is it updated, and when will the SSL certificate expire?
Balance sheet data from Companies’ House can be used to determine the financial health of the company so that you can select only those who meet your criteria.
Directors are one of the key drivers of the success of a company. Directors with a track record of being involved in troubled companies tend to repeat the same mistakes and should be avoided.
This may seem obvious, but it’s an important one. Finding the businesses that match your specified SIC codes will help you categorise and filter your leads by product offer. SIC Code information is readily available, however it isn’t always accurate. Use a service that also reviews the business’s website and other public information to create a more accurate description.
The insights from social media indicate how socially engaging and active an SME is. The number of followers it has, the employees in the business and more precise industry and sector information provide a full overview of the business, which will help you to have smarter and more effective conversations with your prospects.
Google Reviews and Ratings
This data shows the public perception of the SME and, therefore, the reputation of the business. Identifying changing and negative sentiments from a statistically significant number of reviews may affect business risks.
Another obvious one, but checking address data will identify the leads that match your risk appetite for premises and contents insurance products. You can also get your hands on historic Crime data and Flood & Fire Risks
Many of this data is open-source and gives you a good overview of SMEs for their risk analysis. Our Risk Atlas Platform, however, has been built to quickly and easily collate and analyse over 50 data points, and verify open data against proprietary and paid sources, as well as your own business book, to deliver perfectly suited leads through an easy to use online portal. It also creates a more accurate SIC Code description by reviewing other available information. This means you can target the best leads with the right products, at the right time so maximising your chances of success, reducing costs of acquisition and improving underwriting.
Find out industry market share by region and their turnover across 5 different industries below