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Wednesday, August 1, 2007
Controlling claims

Under the auspices of the South African Insurance Association (SAIA), TransUnion encourages insurers to share their claims and underwriting data and join the fight to continue reducing fraud levels and make better credit risk decisions.

Chris van Rensburg, TransUnion Executive: Sales comments, “As technology and systems infrastructure improve so does the quality of data sets and the ability to share our information. Now, better decisions can be made faster than ever. Collaborative data pooling makes it possible for insurers to have a single view of a policyholder, claimant or regular driver.”
Comments the SAIA in a recent newsletter, “The development of new market opportunities, implementing new business practices to assess risk and a changing legislative framework – all of these issues have united stakeholders across the industry to streamline the consumer’s access to insurance offers.
“TransUnion partners with the industry in focusing on adherence to legislative requirements and risk management, in line with a consumer focused approach to meet our unique business objectives. Information sharing and using data intelligently is a focus for industries that realise that if they are going to combat fraud they need to share data with the other industry players, by way of the Insurance Data System.”
Of course, the more comprehensive the size of the Insurance Data System, the more effective a service it can provide to the insurer, broker and underwriting managers.
TransUnion promotes participation as the benefits of information sharing include instant access to behavioural data, assisting you to align your business processes to multiple information sources and giving you a single view of the individual or asset regardless of which policy, claim or enquiry type they are linked to.
In the insurance industry consumers are likely to shop around for the best insurance terms. This trend makes insurance a highly competitive environment in which the insurer needs to ensure continued profits and sales channels focused on customer satisfaction.
The consumer has always been the centre of the industry approach, for it is the consumer who buys policies and it is the consumer that entrusts their information to each of us – both the insurer and TransUnion housing the information.
The Insurance Data System is the industry solution to ensure a faster turnaround time for processing of claims and underwriting queries and a key source of information for greater business risk insight. Currently the Insurance Data System holds information on 3,4 million claim records and 1,8 million policies as well as access to drivers’ license, vehicle registration, vehicle ownership and verification information.
For further information please email Tersia van Rooyen: tvrooyen@transunion.co.za
For those insurance businesses that are not yet pooling their claims and underwriting information, they can contact TransUnion on Tel: (011) 214-6193.
 

Copyright © Insurance Times and Investments® Vol:20.7 1st August, 2007
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