Everyone in the motor insurance sector realises that the old TPF&T and Fully Comp options are looking increasingly old hat to many consumers. PAYG, pay-per-mile, multi-driver use, multi-vehicle usage, are becoming more important as ride-sharing and EV leasing replaces traditional car buying and ownership.
What does this mean? Simple really, yet fiendishly complex under the bonnet when it comes to online quotes. Insurers need a cascade of data to make sense of the risk, plus layer on things like financial credit history, public domain data on floods, crime rates by postcode, fraud stats etc. Net result is a personal motor quote, that doesn’t need MTA notifications half the time – it’s automated Sergei.
Companies that make the most of data science, and communicate with policyholders via app portals daily, are probably going to be the ones that hoover up most of the motor market by the end of the 2020s. OK then, here’s some interesting news from iGO4;
Digital insurance broker and telematics specialist iGO4 is live with Earnix market intelligence, utilising the solution to compute prices in real-time and achieve more effective targeting of its insurance propositions.
Technology including machine learning is used to analyse and simulate the impact of environmental factors and price changes in order to deploy personalised products at the right place and time and increase conversion rates.
The integration has been facilitated by technology provider CDL, using its Goldfinch solution to enable iGO4 to call out to Earnix data from the CDL retail platform at point-of-quote and adjust the insurance premium using Real Time Pricing.
The move is the latest development in iGO4’s wider data strategy to enhance customer experiences through real-time insight.
Matt Munro, iGO4 CEO, said: “Introducing Earnix has a number of benefits – we’ve reduced the time it takes us to deliver price changes, giving customers faster access to better rates and allowing us to react much more quickly to price changes in the market. There’s also a positive impact on our customer targeting and selection, which we anticipate will translate to higher retention rates at renewal.”
CDL Commercial Director, Nigel Phillips, added: “Data and analytics is increasingly at the heart of everything we do at CDL, and we are delighted to have supported iGO4 to achieve our first integration with Earnix market intelligence. We are seeing particular demand for enriched pricing propositions, and more deployments are underway.”