The phrases “data is the new gold” or “data is the new oil” indicate data has become a commodity in the insurance industry, but how can insurers harness their data to make processes faster and more efficient?

During Carrier Management’s fourth annual InsurTech Summit earlier this month, a panel of three experts shared their perspectives on how data will continue shaping the insurance underwriting process.

“I think the gold really is in using all of that data — and the analytics — to turn it into valuable insights to be able to assess that risk,” said John Willemsen, U.S. head of Distribution at Accelerant, sharing how insurers can use this process to identify niches and competitive advantages.

Jason Wexler, head of insurance underwriting at Procore Insurance Services, explained that while “everybody used to underwrite the same data” on insurance applications, new companies are now exploring third-party data and new data sources that enable them to become more specific and granular in their underwriting.

Previously, for example, underwriters would assess traditional flood maps provided by the National Flood Insurance Program to understand how close a location was to a river and determine risk levels. Now, with better data from satellites, elevations can be assessed. This can significantly shift the risk level of the underwriting assessment, Wexler said.