How Open Data is Transforming Commercial Insurance
Published on 19 de January de 2023
Commercial insurance and open data with wenalyze

The commercial insurance industry is in the spotlight and the use of open data analytics will be a determining factor for its future success. In this blog post, we will discuss 3 key points on how new technologies are influencing the sector.

Traditional risk assessment is not enough anymore

As we mentioned already, the economy is facing challenges that are directly affecting the way companies operate, especially small and medium enterprises. This increasing complexity of risks, exposures the lack of updated data by carriers.

Traditional risk assessment methods rely heavily on historical data and databases, but this data may not be accurate in today’s fast-paced business environment. This can lead to potential losses. One solution is to implement open data analytics platforms to quickly access large amounts of data to make decisions based on real-time information.

traditional risk assessment is not enough in commercial insurance

The negative impact of not implementing open data in commercial insurance

Not using open data analytics can lead to inefficiencies in underwriting and claims processing, resulting in lost revenue and customer dissatisfaction. This can also result in classifying wrong the activities of companies, causing premium leakage and friction.

Furthermore, not taking advantage of open data analytics can result in a lack of understanding of the changing risk landscape, which may result in assigning wrong policies to the clients.

The negative impact of not implementing open data in commercial insurance

The multiple applications of Open Data Analytics in commercial lines

Open data analytics is being used in a variety of ways in the commercial insurance industry: predictive modeling, fraud detection, customer segmentation, claims processing, or risk management among others.

Our most popular case study is correcting SME wrong activities to increase the carrier GWP. After analyzing their portfolio, 42% of their SMEs clients had incorrect and/or outdated information. The updated data we gave them, allowed the company to reprice their clients and increase premiums for an accurate higher risk. The result was an 11% increase in GWP and €5.2M in savings.

The multiple applications of Open Data Analytics in commercial lines

The implementation of open data analytics in the commercial insurance industry is becoming increasingly important to stay competitive. As we have already seen, the economic environment is changing fast, and all sectors must get adapted quickly. This is why carriers need to rely on real-time data, that can be acquired by open data analytics methods.

In the case of Wenalyze, the implementation of our open data solution in commercial insurance carriers helped them to reduce their premium leakage, to multiply their ROI by 10 and to increase by 10% their gross written premium . Contact us now for testing it yourself in a free demo at