Contributing over £25 billion to the GDP and employing over 300,000 people, the UK insurance industry is a major player. Red Flag Alert supports the insurance industry by providing market-leading business intelligence on over 5 million businesses. This information gives the insurance industry over 40 key data points, details of 20 million directors and owners, and a financial health rating for every business in the UK.
How it Works
- Detailed business information is aggregated from over 10 market-leading data owners into the Red Flag Alert database every day.
- It is then enriched through the Red Flag Alert proprietary insolvency algorithm. This generates detailed health ratings for every business in the UK based on 142 indicators of financial health.
- This information is integrated into a user’s data in real-time using the Red Flag Alert API.
- Alerts can then be sent to inform users of important changes in the data.
Red Flag Alert has a range of valuable uses in the insurance industry.
- The B2B insurance market is a large and key part of the UK insurance industry. For insurance brokers looking to develop their business, the landscape of businesses (especially SMEs) is huge. Knowing which businesses to target is challenging for sales and marketing teams, however, our business intelligence enables you to segment the market in extensive detail.
Let’s say you are an insurance broker specialising in fleet insurance: you can quickly do a search for businesses in that sector, in a certain location, which are financially secure with a specified level of turnover.
If like many insurance brokers you sell policies that work across almost any industry, like key man insurance, you can target businesses of a certain size, or directors who work across multiple businesses. The opportunities to segment effectively using the Red Flag Alert database are unparalleled.
- Make account-based marketing work for you. The Red Flag Alert database tracks over 1 million business updates every month, including everything from financial distress to a change in director or an increase in turnover. Keeping a close eye on these changes will allow your account managers to take the appropriate action when a change happens which might mean the need for a new or improved policy. This helps to build trust and repeat business with clients whilst also improving premiums.
- Red Flag Alert can help you find smaller insurance companies which may be viable acquisition targets. By searching for a particular size or growth trajectory, larger firms can streamline their quest for potential future targets.
- Develop market intelligence by reviewing performance across different sectors and geographies against a baseline of expected performance. Having up to the minute data will enable these detailed performance reviews.
- By using the Red Flag Alert API, you can update your CRM in real-time direct from the Red Flag Alert database. This will ensure all information is up-to-date and can be viewed in the same way across the organisation; for large insurance companies that have multiple offices and agents this level of consistency is a must. Once the Red Flag Alert data is integrated into your CRM the extra information will enhance decision making across the business.
- The MDM processes can be streamlined by using the Red Flag Alert data as a master file. Every day the data held on businesses in your CRM will be cleaned, de-duped and updated, making how you use data simpler, more efficient, and with considerably less scope for human error.
- Provide detailed reports on ROI, risk and performance.
- Our detailed information is perfect for underwriters. Being able to look at a business’s financial health in the richest possible detail will add value to pricing premiums.
- Ensuring that customers have the right insurance in place is helped by using Red Flag Alert. Avoid customers being underinsured by keeping a close eye on every business you work with and approaching them if they need to increase their cover.
- Pre-screen businesses to exclude those heading for, or already in, financial distress.
- With over 900,000 GDPR compliant email addresses, using our database will help you to adhere to the 2018 GDPR legislation. Also, by having a clear MDM process you’ll be able to track and manage your data better, while remaining compliant of GDPR regulation.
- Future proof your business against the threat of investigation from regulatory bodies such as the FCA or ICO.
- AML4D brings with it a large compliance burden, especially for large insurers. Red Flag Alert is the perfect solution to ensure your business complies with this legislation.