SSP works with eight of the top ten UK insurers and 40% of UK brokers
LV= General Insurance (LV= GI) has partnered with SSP adopting its risk-rating solution to overhaul its selection and pricing system while also spotting fraud faster.
SSP Intelligent Quotes Hub (IQH) is an advanced risk rating, pricing and data enrichment platform which claims to aid with pricing management and the ability to test, launch and refine capabilities.
Through it, LV= will be able to use a single point of integration for its internal and third-party sources.
Meanwhile, SSP Verify, which is part of IQH is a pre-conception counter-fraud solution.
It hopes to aid LV= in pinpointing and responding to potentially fraudulent applications quickly and analyse the customer behaviour in real-time.
The partnership follows LV=’s first-half results in early August which suffered due to increased weather claims from the winter’s cold snaps.
It previously partnered with Allianz transferring its commercial lines business to the insurer whilst LV=GI underwent a joint venture overseeing Allianz’s personal lines business.
LV=’s pricing director, Hugh Kenyon, said: “SSP IQH and SSP Verify are an excellent fit with our requirements for rating and pricing across the business, enabling us to continue providing new and innovative products at the right price.”
“As part of our technology investment, we have designed a set of capabilities that enable us to offer the most accurate, tailored pricing possible.”
Customer focus
He added that the insurer’s focus is on providing customers with “value for money” and the right insurance products.
SSP is a global provider of technology solutions and systems serving the insurance industry.
The company already has a “strong working relationship” with LV= through its collaboration on the Keychoice panel, an insurance distribution group owned by SSP which helps brokers develop.
Adrian Coupland, customer and marketing managing director at SSP, said it has worked closely with SSP to develop a “deep understanding” of LV=’s risk selection and pricing requirements.
He said of the platform SSP developed: ” The SaaS platform enables more rapid solution deployment, along with a lower and more flexible cost of ownership for our customers.”
The solutions are delivered through the SaaS platform from a multi-year investment programme to cater to its insurer and broker customer base.
In June this year SSP signed a deal with Amazon Web Services (AWS) to achieve its customer plans.
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