Open GI and Insurance Initiatives Ltd (IIL) is the first partnership to go live on price comparison sites to offer brokers highly competitive rates for motor quotes via real-time pricing using publicly available data about the client.
Appearing on the major price comparison sites, including moneysupermarket.com, GoCompare.com and Confused.com, Open GI and IIL now offers more informed and dynamically priced quotations based on personal circumstances and individual risk by using data enrichment. Available for private car quotes initially, Open GI and IIL are planning to introduce the sophisticated pricing structure for other Personal Lines products that will include Home and Commercial Vehicles.
Lawrence Caley, Head of Insurer and Software House Development, IIL, said: "By making use of publicly available data for identity verification and pricing, insurers can price their business more effectively and, in turn, offer a more competitive rate to brokers and clients. Since going live with Open GI on the aggregator sites, we have seen a phenomenal increase in transactions, rising from one million a day to over eleven million a day. Open GI's flexibility and approach have been instrumental in us being first to market to appear on price comparison sites."
David Kelly, Distribution Director, Open GI, commented: "Pricing is fundamental for motor insurance, so we are really excited to see that this is making a real difference which is tangible for our customers and in our transaction volumes. In recent dialogue with our brokers, many have witnessed an increase in their conversion rates which we think has been attributable to data enrichment."