In partnership with Insurance Initiatives Limited (IIL), Open GI is pleased to announce the availability of real-time access to third party data for intermediated insurers to help combat fraud and be more competitive in their pricing in Personal Lines.
By deploying IIL's data distribution hub, intermediated insurers will be able to access real-time third party data during the pricing process at the point of quotation. Initially available for Private Car insurance in the UK, this service will be live by the end of 2011. Amongst the data available to insurers, will be Consumer Data supplied by Callcredit and IIL's Informed Claims' Data derived from the Claims and Underwriting Exchange.
Lawrence Caley, Head of Insurer and Software House Development, IIL said "Insurers have been keen to find ways to improve their risk acceptance and pricing whilst validating increasingly unreliable application data which has contributed to the deterioration in loss ratios in recent years and increased premiums. By using the IIL data hub, carriers will have a greater understanding of the customer which can be reflected in their rating action and improve their profitability. The data sources have been fully evaluated by major UK insurers and a clear benefit proven".
Making this announcement David Kelly, Distribution Director, Open GI commented "This is a vital development for the broker marketplace enabling carriers who utilise the system to benefit immediately from information which has been used effectively by direct writers for some time. The data will help insurers to reduce fraud and provide the consumer with more competitive rates."