Open GI and Groupama launch new pricing product for brokers

Open GI has announced the integration of its motor quote engine with Groupama Insurances’ pricing structure proposition to enable brokers to provide a more informed and competitive quote.

Using real-time information, Groupama will access third party data at the point of quotation, subject to the customer’s agreement, to return a price based on their individual risk factors.

The service will also help to highlight potential fraud risks and support counter-fraud initiatives.

The live rates are available to Open GI brokers via Groupama’s existing motor schemes.

Brokers can input risk information into the Open GI quote engine and quotes are returned in real-time via a web service call to Insurance Initiatives Limited’s (IIL) data distribution hub. 

Groupama Insurance personal lines director Kevin Kiernan said: “We are delighted to work with Open GI to deliver dynamic pricing to brokers. By enhancing our motor rates with real-time rating, we can help brokers to be more competitive, especially in a price sensitive market. Real-time rating is a huge step towards delivering tailor-made quotations to the end customer; by rating on additional information acquired from our agreed partners we can aim to price more appropriately.”

Open GI distribution director David Kelly said: “We’re delighted to announce that Groupama is one of a number of insurers to develop this functionality on Open GI’s Motor Quotation platform with more set to follow during 2012. Utilising a data distribution hub like IIL’s allows Groupama to increase their rate resilience and provide brokers with more competitive premiums to offer their clients.”