Product Focus – DNA Dimensions – Uncovering the DNA of every street

DNA Dimensions is the latest in our suite of Risk Insight© products.  It has been designed to provide insurers with a Detailed Neighbourhood Analysis (DNA) across a range of demographic themes. This delivers a deep insight at a level of granularity to improve pricing models and risk selection capability.

DNA Dimensions is a set of orthogonal or uncorrelated risk scores explaining the variation across the vast range of demographic data sources held by Business Insight, including the latest Census information, geodemographic, environmental data and spatial data. DNA Dimensions provides a unique set of scores across a range of themes for every postcode in the UK. Candidly, this can be fed directly into insurer pricing models to explain more variation in the pattern of risk and improve the accuracy of risk pricing.

DNA Dimensions utilises a statistical analysis technique called ‘principal component analysis’ and has been applied to the full range of demographic data assets within Business Insight to uncover the underlying dimensions present down every street.  The range of themes output in the solution are essential to understanding risk such as wealth, affluence, family composition, rurality and industry. These explanatory risk themes also give a detailed insight as well as increasing the understanding of each geographic location.  Every neighbourhood of the UK has been analysed and has been given a different set of scores that uniquely describes each location across the range of factors in the DNA Dimensions product, this helps to understand:

  • The make-up of the local area
  • Affluence
  • Property turnover
  • Levels of urbanisation/ rurality
  • Housing type
  • Life stage
  • Occupation
  • Employment

The scores can be easily included in risk pricing and rating models to increase accuracy and to fill gaps where insurers have little or no experience data.  Our initial tests against experience data have shown DNA Dimensions to add considerable value to risk pricing models, indicate potential to help drive better risk selection and enhance underwriting performance.

Business Insight is focused on providing the insurance industry with innovative products that add value and drive business growth. Business Insight invests a significant amount in Research and Development every year and our expertise in statistics, big data processing as well as knowledge of insurance has ensured DNA Dimensions is relevant, precise and effective as an external data feed.

If you would like to find out more please get in touch via your Account Manager or contact our support team on 01926 421408.


Business Insight hires Business Development Consultant

MasterBusinessInsightLogoBusiness Insight is strengthening its team following a period of strong sales growth over the last 12 months.

Stuart Hanagan has joined the Business Insight team as a Business Development Consultant having previously worked for Experian’s Insurance team promoting underwriting, claims and marketing solutions and prior to that at Zurich Financial Services in an analytical role. Stuart will be responsible for supporting sales of ‘Perils Insight’ databases and ‘Premium Insight’ software.

Read more here: Press Release – Business Insight hires Business Development Consultant 160410

Open GI and Business Insight provide insurance providers with competitive insight

opengiOpen GI and Business Insight have developed a new tool ‘Premium Insight©’ to enable insurance providers to compare the competitiveness of their rates.

By simply inputting risk information into the Premium Insight© software, insurers, underwriters and wholesale brokers can benchmark their products against those hold within the Open GI quote engines and make modifications to improve profitability.

The software applies to motor, home, bike and commercial vehicle business and is available for UK and Irish insurance providers.  The comprehensive reporting functionality is ideal for those wishing to track price movements to ensure they remain competitive and test the viability of new products prior to going live.

Read Press release here: Open GI and Business Insight Press Release 130209