In-depth - data: Scheme machine
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Information is vital for convincing providers to back a scheme and, as Martin Friel finds out, the richer the data brokers have, the more likely a new scheme will get off the ground and succeed
Getting a scheme going with an insurer used to be as simple as showing the size of your book (or the opportunity) and convincing the insurer that you knew everything there was to know about a particular sector and the people in it.
But data is changing that and changing it rapidly. Insurers expect more and more data about a scheme and the clients that sit in and not just to track performance but for regulatory reasons too.
Brokers are sitting on millions of data points, but many aren’t putting
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