Big Data in the Insurance Industry

73 data fields on average are required for closing a car contract in the Insurance industry. Hocelot reduces them to just 3 thanks to Big Data.

Less is often more

Hiring a house insurance with just one field

User experience in Insurance

Insurance companies are facing today big challenges which they had never needed to assume. User experience is in all strategies edge.

The goal is to ease client’s life at the time contract management procedures are being optimized.

In this sense, Hocelot simplifies policy hiring to a maximum of 3 data fields so that the process gets more agile in both contributions and hirings.

When hiring an auto insurance, insurance companies ask for 73 data fields on average: auto’s information, driver’s data, personal information, driving habits…

Less is often more

Nevertheless, Hocelot, a 100% Spanish capital startup specialized on verifying real people’s data in real time, thanks to its Big Data platforms, is able to obtain all that information with just 3 questions: plate, personal ID and driving license’s expiration date.

Big Data in Insurance

«Insurance policies have evolved on a parallel way to society’s needs. When problems were presented, they used to offer tranquility and a solution until now. However, the challenge is now to reduce contracts’ management time, offering an unbeatable user experience», saysAntonio Camacho, Hocelot‘s Founder.

Hiring a house insurance with just one field

In the house insurance case, it occurs mostly the same: house extension, construction year, location, house type, estimated value, kind of material, personal data… finally, more than 20 questions.

Thanks to its data analytic platform, Hocelot is capable of providing all that information by just knowing the house specific address.

Traditional procedure

When an insurance company’s client accepts and signs an insurance proposal or a modification proposal, received data is validated, homogenized and checked against risk databases.

Finally, they’re integrated into the insurance’s company core system to issue the policies.

«This procedure, besides being too slow, cause data losses, and it supposes really high company costs for a long term. In terms of time, employees and resources» says Camacho.

ID Check & Fraud

Thats’s why Hocelot uses services as ID Check & Fraud, an API that allows to verify people’s identity in real time.

In addition, tools such as Data Enrichment allows enriching the information they already have with added data and variables, gathered from public sources which insurers ignore.

The benefits of Big Data in Insurance

Data Enrichment, still an unfamiliar option for many insurance companies, consists on the implementation of new information gathering variables in order to improve and optimize clients’ data.

User experience in Insurance

Insurance companies are facing today big challenges which they had never needed to assume. User experience is in all strategies edge.

The goal is to ease client’s life at the time contract management procedures are being optimized.

In this sense, Hocelot simplifies policy hiring to a maximum of 3 data fields so that the process gets more agile in both contributions and hirings.

When hiring an auto insurance, insurance companies ask for 73 data fields on average: auto’s information, driver’s data, personal information, driving habits…

Less is often more

Nevertheless, Hocelot, a 100% Spanish capital startup specialized on verifying real people’s data in real time, thanks to its Big Data platforms, is able to obtain all that information with just 3 questions: plate, personal ID and driving license’s expiration date.

Big Data in the Insurance industry

«Insurance policies have evolved on a parallel way to society’s needs. When problems were presented, they used to offer tranquility and a solution until now. However, the challenge is now to reduce contracts’ management time, offering an unbeatable user experience», saysAntonio Camacho, Hocelot‘s Founder.

Hiring a house insurance with just one field

In the house insurance case, it occurs mostly the same: house extension, construction year, location, house type, estimated value, kind of material, personal data… finally, more than 20 questions.

Thanks to its data analytic platform, Hocelot is capable of providing all that information by just knowing the house specific address.

Traditional procedure

When an insurance company’s client accepts and signs an insurance proposal or a modification proposal, received data is validated, homogenized and checked against risk databases.

Finally, they’re integrated into the insurance’s company core system to issue the policies.

«This procedure, besides being too slow, cause data losses, and it supposes really high company costs for a long term. In terms of time, employees and resources» says Camacho.

ID Check & Fraud

Thats’s why Hocelot uses services as ID Check & Fraud, an API that allows to verify people’s identity in real time.

In addition, tools such as Data Enrichment allows enriching the information they already have with added data and variables, gathered from public sources which insurers ignore.

Big Data, an insurance’s friend

Data Enrichment, still an unfamiliar option for many insurance companies, consists on the implementation of new information gathering variables in order to improve and optimize clients’ data.

“An insurance company must be careful with absolutely all latest updates which affect their activity environment. Nowadays, most of these latest updates are technological. Being the first to study them might make the difference.

“An insurance company must be careful with absolutely all latest updates which affect their activity environment. Nowadays, most of these latest updates are technological. Being the first to study them might make the difference.

About Hocelot

Hocelot is a 100% Spanish capital based company specialized on real people’s information verification in real time. It’s about objective and useful data, which gives value, in order to optimize any business

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