ALICIA BIRCHALL: Of course. So, I like to split it up in terms of how the client output. And so, firstly, we look at risk management, and helping clients understand the types of risks that they face. And for that, we use all of the claims data that we capture. Amazingly, we have over 50,000 notifications within that now.
Secondly, it's trying to help clients understand what they should be looking to buy. And so for that, we use the claims data again, along with data that we buy-in to help clients understand the types of losses and the scales of losses that they could have. And that's really looking at the types of deductibles and limits that they might want to buy.
And then thirdly, it's using data to help clients understand what's happening in the broader insurance market. So that can be benchmarking. Using the data that we have, we have been able to build these wonderful global benchmarking tools. But it's also helping clients understand what's happening in the market cycle. When we had the recent hard market in D&O, we did an awful lot of work to help clients understand what was happening, how rates were changing. Were they going up or down? How fast they were going.
KEITH JENNINGS: Yeah. OK. Thank you. Thank you. Very good. I'd like to follow that up with a supplementary question, asking how important a role do you think data plays in winning new business, and retaining existing business?
ALICIA BIRCHALL: I think it's really important. I think it's becoming increasingly more so. We just won a large UK bank on the back of our data capabilities, and on our analytical capabilities. I think that it is becoming increasingly more important for both the renewal and the tendering process. And that's data on benchmarking, also data on claims, and advisory around the types of limits they should buy.
I think, in terms of the value that the data brings, we just carried out a study looking at FI, specifically. And we found that, on average, over the last decade, they had been under-insured by approximately 20%. And so using our data to help advise our clients, and help them in their decision making, is clearly very important now, and going forward.
KEITH JENNINGS: What changes or opportunities do you envisage over the next year or two?
ALICIA BIRCHALL: So I think that we tend to think about FINEX. But I think it's important to look more broadly at the risk and broking division within WTW. And quite clearly, at a group level, data capture is critical to our overall strategy. I think we're very proud of everything we've done with in FINEX, from a data capture and a data use for clients, be that insurers or insureds, over the time that we've been here. And I think that that is going to continue to be critical to our strategy going forwards. I think that we've been working a lot together over the past few months on benchmarking, improving our benchmarking capabilities, also looking at using data to help our brokers on cross-selling.
And so bringing that granular data to clients in more accessible ways is going to be fundamental. Separately, my team, we've been working a lot on bringing the benchmarking capabilities we have, and lots of the risk modeling quantification capabilities together. I think that, historically, brokers have presented these separately to our clients. But we're finding that there is increasing value in presenting them together, creating more of an analytical story that leads on. I think it's engaging clients more. They're being able to see the value. And we're being able to take them on that journey.
KEITH JENNINGS: More of a tailored approach?
ALICIA BIRCHALL: Much more of a tailored approach. And frankly, over the past months here, we've really seen an uptick in the-- it's having a tangible benefit on client retention and our growth. We're seeing this as-- as I said at the beginning, about winning a recent client on the back of this. And we're seeing that more and more so. And so it's going to continue to be central to our strategy.
KEITH JENNINGS: That's great. Exciting journey. Thank you, Alicia. That's all we've got time for. And thank you for listening. And join us next time for FINMAR Presents: Five Minutes With.
