To provide more competitive rates to brokers, Open GI has integrated its motor quote engine with Groupama Insurances’ dynamic pricing structure proposition.
Using real-time information, Groupama will access third party data at the point of quotation, subject to the customer’s agreement, to return a more sophisticated price based on their individual risk factors. The service also plays an important part in helping to highlight potential fraud risks and supporting counter-fraud initiatives.
The live rates are available to Open GI brokers via Groupama’s existing motor schemes. The new pricing structure will use publicly available data to allow brokers to offer their clients a more informed and competitive quotation. Brokers simply input risk information into the Open GI quote engine and quotes are returned in real-time via a web service call to Insurance Initiatives Limited’s (IIL) data distribution hub.
Kevin Kiernan, Personal Lines Director, Groupama Insurances, said: “We are delighted to work with Open GI to deliver dynamic pricing to brokers. By enhancing our motor rates with real-time rating, we can help brokers to be more competitive, especially in a price sensitive market. Real-time rating is a huge step towards delivering tailor-made quotations to the end customer; by rating on additional information acquired from our agreed partners we can aim to price more appropriately.”
David Kelly, Distribution Director, Open GI, commented: “We’re delighted to announce that Groupama is one of a number of insurers to develop this functionality on Open GI’s Motor Quotation platform with more set to follow during 2012. Utilising a data distribution hub like IIL’s allows Groupama to increase their rate resilience and provide brokers with more competitive premiums to offer their clients.”