’It can give an insurance provider an edge, especially in aggregator-exposed channels,’ managing director
Using predictive data to analyse consumer behaviours is essential for gaining a competitive edge in the insurance market.
That was according to Richard Tomlinson, managing director of Percayso Inform, who explained to Insurance Times that such data can provide insurers with ”unique insights” that offer them a “competitive edge” and advantage.
“However small that insight may be, it can give an insurance provider an edge, especially in aggregator-exposed channels where the better risks will naturally flow to those who have the best consumer understanding,” said Tomlinson.
His comments came after specialist insurance broker Principal Insurance signed an agreement to access data predicting consumer behaviour from Percayso.
Percayso is able to obtain data on consumer behaviour through the Foresight platform, which was launched in May 2022 by Close Brothers Premium Finance (CBPF).
The move allows Principal Insurance to predict potential policyholders more likely to cancel mid-term through a contract.
Tomlinson said that when it came to adopting and implementing new technology, it was “crucial” for insurers or brokers to partner with entities well-versed in the artificial intelligence (AI) space.
“The UK insurance technology ecosystem is complicated, so working with a partner that truly understands that landscape, has built robust and integrated platforms and can demonstrate that it has overcome hurdles is crucial.”
He also stressed that solutions needed to “add real value” as consumers raise expectations in a period where digitisation is on the rise.
“It’s one thing being able to say you can do it – it is another thing getting it live, ensuring that it’s working well and, most importantly, delivering value,” said Tomlinson.
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