In a recent webinar led by David Corrigan, Chief Strategy and Marketing Officer, and Jon Case, VP of Product Management at Verato, data experts gathered to discuss one of the most pressing (and often overlooked) challenges in modern systems: prospect data.
For insurers, where the buyer’s journey is long, heavily regulated, and trust-driven, disconnected and poor-quality prospect data is more than an inconvenience—it’s a growth inhibitor. Corrigan and Case dove deep into the realities of fragmented prospect data across CRM systems, customer data platforms (CDPs), data lakehouses, and third-party platforms—and made a compelling case for a new kind of technology purpose-built for this fragmented world: a Prospect Hub.
Here are five key takeaways and reasons insurance organizations should seriously consider adopting a Prospect Hub in 2025:
1. Prospect Data is a Revenue Leak—Up to 25%
Prospect data is often incomplete, poorly maintained, and scattered across tools like CRMs, spreadsheets, third-party datasets, and campaign platforms. For insurers, this data fragmentation leads to significant revenue loss—up to 25% annually in some cases. Even a conservative estimate of 5% represents millions in missed opportunities. Additionally, insurers face increased acquisition costs and time-consuming sales cycles as reps scramble to fix and validate data. Sales teams spend more time on data hygiene than actual selling—an inefficiency no growth-focused organization can afford.
2. A Unified Prospect View is Nearly Impossible with Current Tools
Traditional MDMs, CDPs, and data lakehouses weren’t built for the nuanced and often sparse nature of prospect data. They rely on strict, deterministic matching rules that work well for customer records but fall apart when applied to incomplete or first-party-only data (like a name and email address). This becomes a real problem in insurance where prospective policyholders may already be customers—just using different contact info. Without a purpose-built tool, organizations often treat the same person as multiple leads or fail to recognize cross-policy opportunities.
3. A Prospect Hub Is Built for Sparse, Scattered Data
Unlike legacy systems, a Prospect Hub is specifically engineered to resolve and unify sparsely populated prospect records using advanced, probabilistic entity resolution techniques. Think of it as the missing link between your marketing and customer data systems—able to connect an email from a webinar, a phone number from a quote request, and a physical address from a mail campaign into a single, unified profile. This is especially valuable in insurance, where a consumer might begin their journey by researching a second property or comparing policy quotes online—long before they interact with an agent. By connecting these low-confidence data points, a Prospect Hub provides actionable insight sooner and enables proactive outreach (like reminding someone they qualify for a multi-property discount).
4. It’s a Fast, Low-Risk Path to Modernizing Legacy MDM
Many insurers are operating on 15–25-year-old MDM systems that are expensive to upgrade and even harder to replace. A Prospect Hub offers a modern, cloud-based solution that can be deployed alongside your existing stack. It acts as a “testbed” for new data governance approaches, AI-driven identity resolution, and integrated third-party data enrichment—without disrupting your current systems. By focusing on the relatively untapped opportunity of prospect data, insurance companies can modernize selectively and incrementally—delivering immediate ROI while preparing for a full digital transformation over time.
5. It’s the Foundation for AI, Segmentation, and Personalized CX
AI can only be as smart as the data it uses. Without a consolidated view of prospect and customer identities, AI-driven personalization, lead scoring, and next-best-action modeling are fundamentally flawed. Whether you’re trying to identify high-intent behaviors on your website, personalize policy offers, or predict churn, your AI needs to understand who it’s analyzing. A Prospect Hub helps provide that clarity—making your AI investments more accurate and impactful.
Final Thoughts: Don’t Let Fragmented Data Hold You Back in 2025
The insurance industry is at an inflection point. Customer expectations are rising, the regulatory landscape is tightening, and competition is fiercer than ever. Yet many insurers are still flying blind—making million-dollar decisions based on incomplete, unreliable prospect data.
A Prospect Hub doesn’t just patch a gap in your stack—it unlocks new growth. It allows your organization to:
- Shorten sales cycles
- Reduce acquisition costs
- Prevent cross-channel disconnects
- Increase wallet share from existing customers
- Build trust through smarter, more relevant engagements
As Corrigan put it in closing, “If customers are important—and we know they are—then prospects are equally important. They deserve their own system.” Check out the full webinar now!
