Partnering with Insurance Initiatives Ltd (IIL), Open GI has integrated its Motor quote engine with Ageas' dynamic pricing structure proposition in order to provide more competitive rates to brokers.
By deploying IIL's data distribution hub, Ageas will be able to use data enrichment during the pricing process at the point of quotation, initially available for Private Car insurance in the UK.
The rates are available to Open GI brokers via Ageas' existing motor schemes, which are currently live. The new sophisticated pricing structure will use publicly available data to offer brokers' clients a more informed and competitive quotation, based on personal circumstances and individual risk.
Lawrence Caley, Head of Insurer and Software House Development, IIL, said: "Through the use of data enrichment, insurers will be able to price their business more effectively and in turn offer a more competitive rate. Data enrichment is a huge step forward to tailor-made quotations; aiming to drive down price by rating on additional information which can ultimately help brokers win new business."
David Kelly, Distribution Director, commented: "Price is an extremely important commodity in today's market and we are delighted to partner with IIL to deliver dynamic pricing to our brokers. Being able to provide customers with the best rates will only enhance our already powerful quotation engines.
"Utilising IIL's data distribution hub, Ageas will be able to increase their rate resilience and provide brokers with more competitive premiums for their clients. This development further cements our ongoing work with insurers to aid the broker market and I strongly believe this proposition is set to flourish."