Stop wanting, start doing!
“I want to be able to confidently use data”; “I want to make real-time decisions”; “I want straight-through processing”.
Does any of this this sound like you? Well, we’re working to make these business-changing developments possible for insurers.
Imagine reviewing your entire portfolio in one sweep to produce a rating approach that suits each one of your SME clients. Imagine the time and money you would save, how your processing and underwriting outcomes would improve. DFP is closer than ever to bringing you that solution with SME Dynamics.
This solution will offer you better portfolio insight so you know much more about the companies in your book.
Dissecting the SME
It can be hard to get a clear read on what the SMEs you insure really do. Small businesses may not know how to categorise their work, what they do may change over time, or they may misrepresent their business to cover up something risky. This leads to a trade-off between inefficient small business underwriting or leakage.
We have created an easy-to-implement, AI-based solution that creates transparency on each exposure – whether at quote and bind, pre-renewal or continuously – to make underwriting more efficient, reduce loss ratios and help ensure you can price accurately.
DFP are experts in gathering, cleansing and structuring external data. We will start with three core data groups applicable to all SME companies – a finance health check, liability business risks and location. As the database grows, data sources will evolve and be tailored to the different liability risk assessments for each SME segment.
Once we have collected the data with our co-development partner, we will launch SME Dynamics, a solution that will allow you to:
- Score a company based on its liability risk profile
- Gain a detailed analysis of an individual company, displaying core data that informs its liability risk profile
- Secure a portfolio analysis of multiple SME companies to provide an overall risk analysis
- Analyse and compare segment-wide data to identify outliers and then adjust the criteria to include them in the analysis.
This is a real-time solution that will speed up your processing, is consistent, reliable, and will help you be more profitable from targeting new SMEs or from your existing customers.