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Alex Williams
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Back to all SSP Limited announcements

SSP cloud investment to drive motor into future

SSP, a leading global provider of insurance technology, today announced the roll out of its cloud-based quotes hub to support more accurate, timely and profitable underwriting. This latest innovation will open up real-time pricing and data enrichment to a growing number of insurers and, with SSP’s brokers accounting for over 50% of the private motor market, it will transform the intermediated personal lines market.

With the personal lines market remaining highly price competitive and fraud still a major concern, insurers need to be able to validate and price risks more accurately in real time if they are to compete in an increasingly aggregated marketplace.

The quote hub is hosted in SSP Cloud and accessed by brokers and insurers over the internet, allowing rates and products to be accessed and updated in real time. The quote hub, which can be integrated with any insurer system, also accesses third-party data to cross reference a wide range of independently verified data including the electoral roll, credit referencing agencies and vehicle registration data. Additional external data sources will be provided in conjunction with LexisNexis Risk Solutions, SSP’s data partner.

Richard Crocker, divisional director for distribution at SSP said: “The insurers that are adopting real-time pricing and data enrichment will see immediate benefits. They’ll be able to validate customer information to rate more accurately and effectively, and at the same time reduce fraud. Plus they’ll have greater control of their underwriting footprint and be more responsive, which is imperative in the motor market where incorrect pricing can be very costly. Over the coming months we’ll see more of the early adopters coming to market and everyone else will have to keep up or they will be left with the business they don’t want to write.”

Laurence Walker, SSP’s chief executive officer commented: “The internet and aggregators have had a dramatic impact on the insurance industry in the last five years. Over the next five, processes will accelerate further as the explosion in data, mobile devices and social media impact the industry. Our continued investment in SSP Cloud will help our customers to reap the benefits as traditional practices are disrupted by new technologies. The roll out of the quote hub is just the start of this.”

SSP Cloud is a secure private cloud in which SSP is investing a further £15 million to extend its range of cloud-based insurance solutions and services to help customers to innovate, drive business performance and reduce costs in the connected era.