Digital Insurance Agenda

Fusionbase Data Hub – fast access to the world’s data

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Sep 5, 2022

Data is the new gold. For insurers, data allows for personalization and automation. Think about questions that do not need to be asked in a buying process or in claims handling as the data is already known. The difficulty with data is not that it is hard to find, the difficulty lies in getting access and work on it in such a way that it gives insights and allows insurers or other companies to use it in a process or develop a digital service.

To get data from Open Data sources or third-party data vendors, most companies had to build their own data pipelines. Using external data has challenges like changing structures of data sources, downtime of sources and licensing. Fusionbase’s technology handles these challenges and uses its proprietary technology to allow for easy data enrichment with internal sources.

Fusionbase is used in mission-critical applications in various companies and industries such as BMW, Evonik, Ippen Digital, Nürnberger Versicherung oder Münchener Verein. Insurers are one of Fusionbase’s core segments, because of the strategic relevance of external data to an insurer’s data-driven business model.

Fusionbase provides machine-readable data from external sources through one single platform to data teams. Getting clean data, ready for analytics and AI, takes up to 80% of a data teams workload. With thousands of data streams on topics like socio-demographics, crime, company information, natural disasters and more, data teams can discover new data to enrich risk models, automate claim handlings or generate new business. Fusionbase drastically reduces the time spent to discover and clean data which helps insurers to build better products a magnitude faster for the fraction of the cost.

How does it work?

Fusionbase’s Data Hub is a web-based application that allows data scientists, analysts, engineers and actuaries to browse through thousands of data sources in different categories such as crime, company information, socio-demographics, infrastructure, natural disaster, armed conflicts and more.

Once they identified relevant data, they can access the data in their own workflow with one line of code using Fusionbase API. It doesn’t matter whether they want to use data from Fusionbase in a Business Intelligence application like Tableau or SAS, enrich a machine-learning model in TensorFlow or simply export the data into a data warehouse.

Why did we select Fusionbase to present at DIA Munich?

Insurers are facing a challenge of improving on their core models, because of increased market pressure due to bigger transparency, digital distribution channels and changing behaviors of customers. To do this, insurers need more data faster.

At DIA Munich 2022 Kevin Goßling, Fusionbase Co-Founder and CEO, will present how it speeded up and improved the commercial underwriting process of Münchener Verein. He will showcase an advanced underwriting cockpit that is powered by its proprietary entity matching technology. The technology makes it possible to identify entities like a company in separate data sources and merge the corresponding data into one single view at runtime.

Who is Fusionbase?

Fusionbase was founded by former researchers Kevin Goßling (CEO) and Patrick Holl (CTO) from the TU Munich. Together they researched on technology for data enrichment and spon-off Fusionbase in 2019. Fusionbase is based in Munich, Germany, self-funded and used by multiple DAX30 companies and innovative technology companies.

Fusionbase was founded to give everyone access to the data that is spread all over the internet. Today Fusionbase makes more than 100.000 datasets available and is used by large enterprises in various indsutries.

“Seeing how powerful it is to have easy access to data, we wondered what else people would build if they had access to data outside of their organization” Kevin Goßling, Fusionbase Co-Founder and CEO

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