Benefits of a Data First Business Approach During Uncertain Times

Did you happen to miss the SambaSafety and Equifax webinar surrounding Benefits of a “Data First” Business Approach During Uncertain Times but still interested in learning more? View the webinar in-full on-demand or delve in to read more on some of the most compelling webinar highlights.

Michele Cook, Principal Product Manager, SambaSafety, and Matt Wiley, Channel Management & Business Development, Equifax, spoke to a variety of things, including:

  • Both SambaSafety and Equifax have seen many changes with their clients, including stay at home orders that were given as well as remote work.
    • That means that there are fewer drivers, fewer crashes and less congested roadways, leading to increasing speeding and subsequently crash severity.
    • Additionally, that means that there is also an ever-changing consumer that has had to learn how to adapt to different workflows.
  • There has been a decline in auto loans and leases, meaning fewer opportunities for insurance and endorsement.
  • Fraud loans have increased, which would transfer over to insurance as well as front-end and claims.
  • While of course no one has a crystal ball, there are leading indicators that can guide companies like SambaSafety and Equifax to future opportunity.
  • Speaking to the residual impact of the changes that have been made, Wiley shared that digital and data strategy and reaching more clients and prospects is of the utmost importance. Due to the shift in digital, all need a digital strategy in place.
    • This won’t last forever though and things will get relatively back to normal, but due to the immense amount that occurred within the past few months, this pandemic will have more of a lasting impact, including the normalization of working remote.
      • Working remote means less commuters as well as fewer miles driven.
    • Even though traffic is down, it is causing a new problem due to the immense amount of room given to drivers on the road who are taking advantage of the pandemic and increasing their speeding habits.
      • While this isn’t expected to be a long-term problem, it is something to be aware of.
    • As we look toward the changing world, it appears that it’ll be much more competitive in the coming days due to less new car endorsements and lack of new policies.
    • Leveraging partners such as Equifax and SambaSafety means that you can create an ecosystem supporting improved profitability, reduced fraud and premium leakage, informed omni-channel, enhanced acquisitions and quoting accurate RC1.

To learn more about how SambaSafety’s insurance solutions can instantly improve quote to bind ratios and make underwriting more profitable, Download our white paper.