Leading specialty insurer and reinsurer realizes 50% efficiency gain with Xceedance Risk Data Platform
Cleansing and standardizing property or terrorism data schedules involves multiple complexities throughout the process, including following best data practices, data management, audit trail maintenance, and ensuring consistency and auditability. The client spent significant time and effort in data cleansing and enhancing data quality initiatives, sometimes frustrating team members as it would require hundreds of hours to just standardize and clean data.
Risk Data Platform (RDP) helped the client address the complex and time-consuming nature of managing and analyzing property risk data. With RDP, insurers and reinsurers could access and analyze vast amounts of data to accurately price risks and make informed underwriting decisions. Additionally, RDP replaced traditional data management methods, such as manual data entry and spreadsheets, to reduce errors and the time required to complete tasks while offering an enhanced level of details to make data-driven decisions.