01.08.19
Corvus Team

Three Ways to Use Data to Win New Business in 2019

What Are the Top 3 Ways to Utilize Data to Help Win New Business?

2019 is upon us and many brokers are already into their new production year. Organic growth from new accounts or new lines of property and casualty business are two major means of meeting and exceeding these goals— but organic growth is difficult, and so is grabbing the attention of insurance buyers. InsurTech advances are allowing for some exciting new developments in differentiated product development that can help open doors for new clients and help round out accounts with new kinds of coverages, such as cyber insurance. In particular, the use of previously ignored or inaccessible data can move the needle and get the attention of insurance buyers in 2019. But how can you do that with everything else on your desk? We’d like to pitch some ideas.

#1 Find the Right Partners

First, align yourself with partners that can put data to work for you. Corvus is one of many data suppliers to the industry. Others, using a SaaS (Software as a Service) model sell “seats” or “licenses” to brokers. Prominent among them are AIR Worldwide and RMS, which use data to predict the likelihood of catastrophes such as earthquakes and windstorms. Their data is also used to help brokers and insureds determine the maximum probable losses in certain situations. In the same way, Corvus provides reports from externally sourced data that can help you and your clients predict and prevent claims.

#2 Determine Coverage Areas with High Potentials

Second, determine which coverage areas have the most potential for you and your clients to leverage novel data sets. These will generally be in areas that are causing anxiety for customers, such as property catastrophe risk, cyber insurance, and areas with large severity exposure. Predicting and preventing large and uncertain claims is far more urgent for insurance buyers than managing smaller events like slip and fall liability claims– or even more predictable events, such as auto claims.

#3 Demonstrate Expertise Across Social Media Channels

Finally, demonstrate your expertise by using social media. LinkedIn and Twitter are business favorites, but in some communities, Facebook can be a strong tool in getting out the news about new risks and solutions. Effective social media is frequent, with headlines that grab attention (but aren’t sensational), and timely (linked to recent news developments). It can be enhanced with strong graphics and links to larger reports and external sources. Corvus and other marketing-oriented underwriting partners provide this information to its brokers. You should not need to find this information yourself.

While Corvus is not the only company to master unique data sets in order to support insurance brokers and their clients, we are digital natives. Everything at Corvus is built with digital integration in mind. From data science to data analytics to social media and other marketing tools, it all results in victory.

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The rise of remote work and growing concerns over ransomware acted as partners-in-crime to get organizations to hone in on risk mitigation efforts over the past couple years. Through compiling our Risk Insights Index, we found that with certain initiatives —  safer or reduced usage of RDP, growing use of email security tools, and other measures taken to limit the impact of threat actors — businesses are more prepared than a year before and ready to play defense. Those efforts are borne out in our finding that the rate of companies who pay a ransom when attacked with ransomware fell by half within a year. 

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The whisperings of “firming rates” start first, quietly in business meetings, then published in industry reports. Soon to follow, rumblings of a “hard market” are brought to the conversation. It’s cyclical in nature, and we see it across all insurance lines at one point or another. For years, Cyber Insurance stretched far and wide with “soft” market conditions, remaining highly profitable. Now that period of growth, with exceedingly available coverage and inviting terms, has stalled in the face of a hard market.