The Role and Responsibilities of Insurers in Data Sharing

In a COVER Magazine interview, Tony discusses data sharing in the insurance industry with Sharon Paterson, CEO of Infiniti Insurance, and Angus Black, Director at Barn Owl Data Solutions.

Sharon explains the regulatory and business imperatives for insurers to obtain daily data dumps and maintain full access to client information. She emphasises that accurate data is crucial for managing claims, especially in weather-related catastrophes, and for regulatory compliance.

Angus outlines the technical complexities of receiving data in various formats from different broker systems and the importance of data standardisation and cleansing. He shares that Barn Owl Data Solutions has developed relationships with numerous insurance management systems to streamline this process, ensuring high-quality data for reporting and analysis.

Both Sharon and Angus highlight the benefits of effective data management. For brokers, accurate data reporting provides insights into client claims history, rate benchmarking, and regional comparisons. These improvements help brokers serve their clients better and maintain competitive pricing.

They also discuss the challenges, such as load shedding, which can disrupt data collection, and the importance of ongoing technical innovation to mitigate these issues. Overall, the interview underscores the critical role of data in enhancing the efficiency and effectiveness of the insurance industry.