Spending on data analytics by the insurers in India is too low at present, global risk solutions provider LexisNexis today said.
The spending being made by the Indian insurers on data analytics at present was too low, LexisNexis Senior Vice -President and General Manager (International-Insurance) Peter Orlay told PTI here.
They (the Indian insurers) are relying on internal data they have. They are not expending much on external data, he said, adding by external data, I mean identity data based on Aadhaar, PAN or those coming from credit bureau and primary data sources.
LexisNexis is currently working with six private sector non-life and 12 life insurance companies in the country.
We have been working with six private sector non-life insurance companies in the country for past five years. It was a couple of years back that we also started providing our services to 12 life insurance companies here,” Orlay said.
The company is talking to state-owned companies in the country too. Though we are yet to get any business from them, he added.
Talking about the insurance sector in India, Orlay said it is in good health. Insurance industry in India is a healthy sector, not from point of view of profit, but on the basis of capital flow.
According to him, even as the insurance industry is growing in the country at double-digit annually, underwriting loss was also there which need to be corrected at some point of time.
The company already has data relating to life insurance. Still, it has developed a plan to build a database in motor and health, he said.
Combining cutting-edge technology, unique data and advanced scoring analytics, LexisNexis Risk Solutions helps insurers around the world reach essential insights and make timely and informed decisions.
New data and analytics solutions like those offered by LexisNexis are helping transform insurance markets like India.