Software house says users will reap benefits in motor
SSP has launched a cloud-based quotation hub designed to let insurers price in real time.
The software house claims this will give insurers an edge, especially in motor where insurers need to be especially competitive.
The hub will also let insurers crack down on fraud by checking customer details more thoroughly.
Insurers and brokers can go online to access the hub, which also uses third-party data such as the electoral roll, credit checking and vehicle registration.
This third-party data is provided by LexisNexis Risk Solutions.
SSP chief executive Laurence Walker said: “The internet and aggregators have had a dramatic impact on the insurance industry in the last five years. Over the next five, processes will accelerate further as the explosion in data, mobile devices and social media impact the industry.
“Our continued investment in SSP Cloud will help our customers to reap the benefits as traditional practices are disrupted by new technologies. The roll out of the quote hub is just the start of this.”
SSP divisional director for distribution Richard Crocker said: “The insurers that are adopting real-time pricing and data enrichment will see immediate benefits. They’ll be able to validate customer information to rate more accurately and effectively, and at the same time reduce fraud.”
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