An ever growing number of insurers are realising the benefits available through SSP Quote Hub, with over 70% of SSP’s major insurer partners by volume now live in the hub, enjoying data enrichment and real-time rating capabilities.
The use of data at the point of quote to assist in the validation, underwriting and pricing of risks in real time for the intermediary (broker and aggregator) channel is now becoming the norm for insurers. SSP Quote Hub has been instrumental in helping drive this change. As a result, insurers can now underwrite and price products according to individual risk details, which ensures they only build profitable books of business – leaving those who do not use point of quote data enrichment at a very significant disadvantage.
Private motor has been the main adoptive driver for most insurers due to the pricing sensitivity and mixed underwriting approaches in the market. 2014 will see over 75% of this business that is electronically traded via SSP brokers being enriched and priced in real time via SSP Quote Hub. Commercial vehicle and household business is following closely behind as insurers look to achieve the same benefits for other lines of business.
SSP has linked Quote Hub into its insurer system solutions and broker platforms, and is currently working with two large insurers on wider system projects that will see SSP Quote Hub deployed as part of the solution to deliver industry-wide market rating. This would enable insurers to build, deploy and maintain products once across both direct and intermediated distribution channels, improving efficiency and customer experience.
SSP is also working with the wider market on more data sources to provide further enrichment capabilities, comprehensive anti-fraud measures and the My Licence DVLA data initiative.
Richard Crocker, Distribution Director at SSP said: “Insurers that have adopted real-time pricing and data enrichment via SSP Quote Hub have seen the benefits in terms of more accurate rating and detecting fraud as a result of identity checking. Those that do not take advantage of the capability on offer will be left behind, potentially writing business they don’t want to write at all, or writing business they do want at the wrong price or terms.
“In addition, SSP Quote Hub is enabling us to deliver further innovation to the market in a fully integrated way, such as our SoteriaDrive solution, the first and only whole of market telematics-based insurance product to be sold via high street brokers. The distribution landscape will continue to change and having the right platform to drive and support innovation is essential.”