Biba 2024: Broker Insights set to launch AI product for brokers

Broker Insights has revealed that it is developing a new artificial intelligence (AI) product for brokers.

The new product is set to be the broker equivalent of its Propensity Lens proposition for insurers, which helps them predict the probability of winning new business.

The propensity to win new business is displayed at a case-level, showing a high, medium or low likelihood of converting.

Fraser Edmond, chief executive of Broker Insights, announced the broker version of the product at the 2024 Biba Conference.

He told Insurance Times: ”The benefit of our broker Propensity Lens will be clarity on predicting the insurers most likely to win each customer risk.

”This will provide an efficiency in selecting potential markets for their customers without wasted time and effort trying to find relevant markets.

”This product is the natural reverse of our insurer Propensity Lens and is currently being scheduled in our product roadmap.”

Insurer product

Speaking during a fringe session entitled Beyond Numbers: The art of decision intelligence in commercial insurance at the 2024 Biba Conference, Edmond also highlighted the effectiveness of its Propensity Lens product for insurers.

“We have our propensity model that we’ve been pushing out to our insurer partners,” he said.

“That is now able to predict which insurer is going to win which risk. It is enormously powerful.

”All insurers are trying to do is find investments that are successful. Propensity Lens uses big data and predictive analytics.”

He added that many risks do not stay with the same carrier, although felt that digital tools such as Propensity Lens could change that. 

“It’s all about understanding which market has a healthy appetite,” he said.

“In order to predict the future, you need a big following of data.”