With more data sources becoming available, business functions across the organization are realizing the value they can gain from a deeper understanding of the customer. This is clearly not an “IT-thing” or a top-down initiative. In 91% of the companies surveyed, each business function is responsible for data acquisition for its own models. These business functions are reporting significant benefits from the use of external data. According to survey respondents, these benefits include (in order of significance) better pricing, risk selection, fraud detection, product design, claim handling, and marketing ROI.