SSP says it is primed to help insurers on dual pricing with its Intelligent Quotes Hub (IQH).
SSP IQH is a proven pricing and quote solution, already used by some of the UK’s top insurers.
Meanwhile, dual pricing is a huge issue, with the FCA revealing pricing ban details and the CMA forming a working group to oversee loyalty penatly recommendations.
The issue came to the fore after an FCA damning investigaiton found very poor behaviour at both insurers and brokers.
Backed by the Prime Minister, the FCA also has powerful tools such as fines, naming and shaming companies, and directly intevening in insurance firm’s every day work as it vows to crack down hard on rogue behaviour and sloppy management practice.
SSP is confident it can get insurers and underwriitng agencies up to speed to be compliant, produce better customer outcomes and win customers prudently in a fiercely competitive market with IQH.
IQH works by letting insurers changes quotes in real time, instantly, whenever they want without SSP interaction.
Importantly, IQH also has a ‘test and learn’ option which SSP believes is a powerful tool in helping insurers with dual pricing.
The ‘test and learn’ option allows insurers to run product testing in stealth mode, with the ‘old’ and ‘new’ propositions next to each other.
This means insurers can see the quote results of the ‘new’ proposition and the ‘old’ proposition side by side, ensuring they feel comfortable with where the risks are being priced at.
A ‘toggle’ mode then allows insurers to gradually introduce the changes when they start actually offering customers quotes.
For example, it could put out the new proposition to a small percentage of the risk in the market, while the old proposition continues to take the lion’s share of quotes.
Gradually, insurers can change the old and new percentage mix in real time, ensuring they can smoothly make the transitions.
“It allows you to potentially modify your behaviour but understand how dual pricing will work and mitigate it in your own environment,” chief technology officer Kevin Gaut said at a product briefing at the Covent Garden Hotel.
“You can understand our net pricing and renewal and react accordingly. It does not matter on what channel.”
The IQH comes in a package that offers insurers a sweeping range of benefits including fraud prevention, multiple channel integration, competitive analysis, customer retention, data manipulation, enrichment and analysis.
As reported in Insurance Times, IQH is one part of SSP’s strategy to grow its customer base with direct insurers.
The company is investing heavily in research and development as part of its long-term strategy to deliver to customers.