Analyst firm Celent has released a new report titled Data Vendors in Insurance: A Snapshot.
Data is one of the most important topics in insurance, and Celent has seen the emergence of many firms focusing on data-related technologies in the past few years. After screening the vendor market, the analyst has been able to compose a list of more than 150 vendors that are active in the data space today.
“It can be difficult for insurers to navigate the data vendor landscape because many new players are entering the market,” says Nicolas Michellod, Senior Analyst at Celent. “With this report Celent provides a high‑level categorization of IT vendors having an offering in the data space for insurers.”
FRISS is one of the vendors listed with a full profile. Celent agrees with FRISS’ recent finding that data is currently the biggest challenge for insurance companies. This comprises access to external data sources as well as the internal data quality. Access to more and better data enables the insurer to improve products, customer satisfaction and operations management. Data can also be used to improve the detection and prevention of fraudulent claims as well as an objective assessment of risks at underwriting.
Jeroen Morrenhof, CEO at FRISS says: “We are happy to see that Celent acknowledges our contribution to the data vendor landscape. Insurers need as much data sources as possible to complete their profile of the insured. FRISS is data provider agnostic and combines data of these providers in a holistic view. The more we learn from and combine the available data, the more honest the insurance market becomes.”
The full Celent report can be acquired via this link.