MLP Signs Up Adrian Flux on Three Year Deal

Adrian Flux Insurance Services, the UK’s largest motor insurance broker, has signed a new three-year deal with Machine Learning Programs (MLP).

The partnership sees the insurance specialist continue to utilise MLP’s machine learning insights on risk selection through their Propensity to Claim solution, after it resulted in improving their loss ratio by 4% generating more than £1 million in cost savings on claims.

MLP, which is part of Open GI Group, first began their partnership with Adrian Flux in 2021. Propensity to Claim, the company’s bespoke model for motor insurance, has been designed for insurers, MGAs and brokers and provides valuable machine learning insights on risk selection. It takes in more than 200 rating factors that are specific to the type of cover that is being requested compared to more traditional methods which are confined to between 15-20.

Gerry Bucke, Adrian Flux Insurance Services’ Underwriting Sales and Marketing General Manager, says: “We are thrilled by the outcome of the partnership so far. The use of machine learning within the insurance industry is still very much in its infancy but the results we’ve seen in the first year are testament to the positive impact it can have.

“When we kickstarted the partnership we tasked the MLP team with the substantial challenge of reducing our cost ratios and to see such a big reduction in the first 12 months is significant for us as a business. Aside from the considerable cost savings on claims, the expertise of the team has been instrumental and coupled with the extremely accurate assessment of risk and valuable insights not only saves time but gives us more confidence when calculating risk.”

Commenting on the renewed partnership Damian Baxter, MLP’s Chief Executive Officer, said: “From the outset we have collectively seen the positive impact of working together. We have all been energised by the results so far and are delighted Adrian Flux have agreed to extend their agreement with us by another three years.”

“The next step in this collaborative journey has also seen the team utilising MLP’s new Intelligent Pricing service,” concludes Damian, “poised to be rolled out market-wide before the end of the year, the easy-to-use service provides relevant, current market pricing data direct to your desktop daily. The Adrian Flux team have been able to not only use it to query market pricing but stipulate specific pricing parameters, compare data points against anonymised market data and conduct benchmarking, ensuring relevance and competitiveness.”

About alastair walker 10924 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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