Insurance protects what matters, from our health to our homes, yet access to that protection can remain uneven. The UK Government’s Financial Inclusion Strategy highlights that renters, the self-employed, and lower-income households still face affordability and accessibility barriers.
Cost is only part of the issue. A more fundamental challenge is how well insurance providers and insurtechs understand their customers. When customer visibility is limited, delivering personalised, relevant products at scale becomes difficult.
A Single Customer View
This is where a single customer view (SCV) becomes critical. For InsurTechs, SCV acts as a foundational data layer – similar to customer data platforms in banking and payments. It is powering intelligent products and underpinning the data-driven models. These drive growth and differentiation for the FinTech and open opportunities for customers.
In many traditional insurance environments, customer data remains siloed across products. There is little interaction between motor, home, health, pet and travel. The result is fragmented, incomplete customer profiles. For InsurTechs who are building digital-first, scalable models to support their customers, this fragmentation of information could directly constrain automation. AI performance and real-time decisioning can be affected.
A single customer view changes this. By unifying data, it enables a continuous, contextual understanding of the customer. Mirroring FinTech approaches to dynamic profiling, adaptive pricing, and real-time risk assessment. This is already evident in InsurTech models such as usage-based, on-demand and embedded insurance.
With this broader view, pricing aligns more closely to actual risk. Interactions become more relevant, and customer journeys are significantly streamlined. Customers no longer need to re-enter data or navigate disjointed processes. Crucially, SCV can also support embedded insurance. It is one of the fastest-growing InsurTech opportunities, by allowing protection to be delivered seamlessly within digital ecosystems.
Data Connectivity
Delivering this requires accurate data connectivity, with identity resolution at its core. Solutions such as LexID® for Insurance, a scalable linking technology leveraging a unique identifier, enable organisations to reconcile fragmented records into a single, trusted profile. For InsurTechs, identity resolution can help make real-time, data-led experiences operationally viable at scale.
SCV also plays a critical role in recognising vulnerability. People may become vulnerable for many reasons, whether due to health conditions, financial capability, resilience, or significant life changes like redundancy or separation. These indicators rarely appear one place, but when they surface, they need to be understood across the entire organisation.
Linking data across functions such as sales, underwriting and claims ensures that every team works from the same version of the truth. This reduces the risk of incomplete or conflicting information shaping decisions and allows insurance providers to adjust how they communicate and respond, ensuring that customers -particularly those in vulnerable situations – are treated with appropriate care. In practice, this means fewer repeated questions, fewer disjointed interactions, and a more consistent, empathetic experience. A well-executed SCV therefore supports both inclusion and compliance with Consumer Duty, while delivering transparency and auditability required in regulated, digital-first environments.
When these insights are embedded into a unified view, organisations can respond dynamically to life events – adapting products, communications and support in real time. This reflects the broader shift toward event-driven, responsive insurance models, leading to stronger engagement, improved retention and better customer outcomes.
Robust Governance
None of this is possible without robust data governance. Building an SCV requires strong controls around consent, accuracy and transparency, as well as collaboration with data partners who can responsibly connect and enrich data from multiple sources in a compliant and ethical way.
When done well, identity resolution transforms disconnected data into actionable intelligence across the lifecycle – from quote to renewal to claims. This can enable more accurate pricing, frictionless journeys, improved fraud detection as well as higher retention, while supporting regulatory expectations around fairness and vulnerability.
These capabilities are central to modern InsurTech propositions. SCV enables earlier detection of financial strain, deeper behavioural insights and stronger predictive models, enhancing both risk selection and customer engagement.
Looking ahead, the direction is clear. The Financial Inclusion Committee has called for protection that reflects real lives – circumstances, transitions, and evolving risks. InsurTechs could have a strategic advantage, but only if they can see the customer clearly across every interaction.
A robust single customer view makes that possible. It bridges fragmented systems, unlocks scalable personalisation, and enables the next generation of embedded, adaptive insurance.
In that sense, SCV is not just a data capability, it is a core enabler of InsurTech innovation, scalability, and competitive advantage.
Learn more at lexisnexis.co.uk
- Embedded Finance
- InsurTech