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A Common Language for the Commercial Insurance Sector

Standardising Product Class

In the world of commercial insurance, it is not uncommon for two parties to refer to the same thing via different terms.

For example, one broker’s ‘Directors and Officers Liability’ is another’s ‘Management Liability’.

For experienced insurance professionals, navigating through these differences is a learned skill.

However, in the world of commercial insurance data, where large-scale processing of opportunities relies upon accuracy and consistency, these variances are the source of a significant amount of friction and wasted effort for both brokers and insurers.

Broker Insights VisionTM serves to overcome these mismatch challenges and remove friction through our innovative data standardisation process.

Standardising product class descriptions:

The total uploaded data set within Vision includes over 1,600 variations of product class names. There aren’t that many product classes in the UK market…

To overcome this challenge, Broker Insights created a process which streamlines class name variances into a standardised format.

Now, when a broker uploads their client data to Vision, the ingestion process considers the terms they have used to describe each class and checks client details with third party sources. The standardisation process then automatically reclassifies the descriptions within the platform.

This innovative process within Vision reduces the 1,600+ variances in business class description down to a standard list of 132, which can then be overlaid directly with insurers’ underwriting criteria via Broker Insights MatchPointsTM technology.

The result of this process is a market-first outcome of intelligent matchmaking, bringing brokers’ renewal opportunities together with insurers’ appetite; none of which would be possible without this process of standardisation.

This unique process within Vision, along with the additional benefits of data quality reports and enrichment, are helping to drive efficiency and effectiveness gains throughout the industry. If you would like to learn more about this topic, or better understand the value of Vision for your business, contact Broker Insights today.

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