Are you struggling to keep up with the ever-changing insurance industry? Do you want to improve your sales strategies and customer service? Look no further than open data analytics. With the help of platforms like Wenalyze, you can complement the data held by insurers and gain a competitive edge in the market.

Telefónica, through its investment vehicle Íope Ventures, recently invested in Wenalyze, an open data analytics platform focused on improving the categorisation of payment data for the banking sector and the underwriting and policy renewal process for SMEs in the insurance sector. This investment round, which has already raised more than €1 million, is led by Athos Capital and includes other investors such as Bankinter, AstoryaVC, and GoHub.

So, how can open data analytics benefit your insurance business? Here are five steps to get started:

1. Identify your data needs Before you can start using open data analytics, you need to identify your data needs. What data do you currently have? What data do you need to improve your underwriting and policy renewal process? Wenalyze can help you answer these questions and provide a comprehensive solution for insurance companies and banks.

2. Complement your data with open data Once you have identified your data needs, it’s time to complement your data with open data. Open data is publicly available data that can be used to enhance your existing data. Wenalyze uses open data to improve the categorisation of payment data for the banking sector and the underwriting and policy renewal process for SMEs in the insurance sector.

3. Analyse your data Now that you have your data, it’s time to analyse it. Open data analytics platforms like Wenalyze can help you analyse your data and gain insights into your business. This can help you improve your sales strategies, customer service, and overall business success.

4. Implement the insights Once you have gained insights from your data analysis, it’s time to implement them. Use the insights to improve your underwriting and policy renewal process, enhance your sales strategies, and provide better customer service.

5. Consider parametric insurance If you want to take your insurance business to the next level, consider parametric insurance. Parametric insurance uses real-time data to trigger payouts based on predefined parameters. This can help you provide faster payouts and improve customer satisfaction. Wenalyze can help you implement parametric insurance and turn real-time data into insurance.

With the help of open data analytics and parametric insurance, you can improve your insurance business and gain a competitive edge in the market. Contact Riskwolf to develop parametric insurance for your business today. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modelling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

Read more about Telefónica’s investment in Wenalyze here.