Giving the insurance industry
assurances about data

IXUP’s solution advances data analytics in a highly competitive industry,
giving the insurance market the necessary assurances about data

Product design and pricing in the insurance industry require extraordinarily technical data analytics to calculate a multitude of variables – risk, demand, history and patterns of claims, as well as projections about future trends and the incidence of unforeseen events, like floods.

This complex task relies heavily on multiple data inputs to conduct sophisticated analytics to deliver the right actuarial outcomes. This data ranges from the most basic demographics – for instance, age and gender – to highly specific information about individual consumers and their behaviour, traffic statistics, weather patterns and other peril data, including ‘acts of God’ such as flood or hailstorms.

While some data is open source – freely available without constraint – other data is more difficult to acquire and use. A typical example is personally identifiable information (PII), which is tightly governed by legal protections on data privacy.

And this can pose a challenge for an industry that depends on granular information to determine the appropriate level of pricing and the most competitive products.

IXUP’s software platform ensures that insurers can secure the detailed insights they need to fine-tune their actuarial computations by analysing multiple data sources in a compliant, governed software environment which removes the risk of data breach and misuse. Our platform connects multiple data sources in a secure, compliant environment that protects customer information. At the same time, our unique technology affords insurers and other organisations complete control over their data.

As the highly competitive insurance industry moves more towards tailoring product for individual consumers and streamlining its purchase, secure and advanced analytics on rich data is becoming a business requirement.

IXUP tackles data risks

The IXUP solution ensures that insurance companies can meet their needs in terms of obtaining quality data while still complying with regulation around data security and privacy. Insurers can perform advanced analytics on multiple streams of data from disparate sources, using world class encryption protocols that encode each cell of information. Analysis is then performed at the encrypted rather than the data level.

Taking the grudge out of insurance

By ensuring that ciphers (secret representations of the original data) are analysed rather than the data itself – and the key to the encryption always remains in the hands of the data owner – there is no need to remove any personally identifiable information. At no stage is sensitive information seen, shared or revealed. This means that the IXUP solution meets increasingly stringent requirements around privacy and security. Just as important, advanced analytics can be performed simultaneously on multiple, rich data streams to deliver granular and refined insights.

It is these insights that allow insurance companies to manufacture, price and underwrite highly tailored products across the spectrum – from motor and household, to SMEs and big-end-of-town commercial.

There are other benefits too. Risk can be calculated more accurately, making it easier for companies to manage their claims ratios. Fraud is more easily detected when PII data is safely and responsibly analysed.

Products designed with great specificity are less susceptible to competitive pricing pressures, and policyholders can find cover that best suits their individual needs because insurance companies know how to calculate and price risk better.

Insurance companies that are empowered by this level of data analytics have an edge over competitors who have to de-identify information in order to use it, and as a result, achieve a less optimal outcome.

The general, health and life insurance sectors are going through disruption. Climate change, artificial intelligence and increasing longevity are adding new layers of complexity and unpredictability to an already intricate and complicated field. Fully comprehending – and being able to act on the implications will hinge on being able to extract every variable from new data trends. Those companies that appreciate the competitive advantage this new information holds, will also recognise the value of keeping it safe and secure.

Secure Data. Advancing Analytics.

Your data is only part of a bigger story. Imagine being able to enrich it. To uncover hidden insights. To empower innovation, productivity and customer experiences.
With IXUP you can do this – without ever putting your data at risk. Realise the promise of true data collaboration.

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