The company’s distribution director says the data set will ‘provide insights never before possible’
Software organisation SSP has launched a new data tool, SSP Intuition, in order to provide brokers and insurers with data insights based on intermediated quotes and quote responses from SSP’s technology systems.
SSP Intuition, which is powered by Amazon Web Services, provides access to more than one billion quotes and quote responses across private motor, commercial vehicle, motorbike and household policies.
The company believes this data set will empower insurers to better understand their market performance at quote, broker and scheme level – this should enable them to price more accurately and competitively.
Ron Atkinson, distribution director at SSP, said: “Our daily interactions with both brokers and insurers have enabled us to amass a huge amount of data which, when anonymised and structured, provides insurers with insights never before possible.
“The insurers will be able to understand market trends across the whole market, their own product and scheme performance.
“They will have the ability to analyse the impact of rating changes against their quotes and the impact it would have by rating factor, to uncover potential gaps in their rating or in the market and across multiple product lines.”