Following a successful pilot with Insurecom brokers in 2011, Ageas is now rolling out its dynamic pricing structure to Open GI and SSP, with the launch to other software house partners to follow in April 2012.
In partnership with Insurance Initiatives Limited, Callcredit Information Group Limited and LexisNexis® Risk Solutions, Ageas’s new rating system takes the name, date of birth and address of the applicant and immediately returns a risk score based on publically available information1 that provides Ageas with enhanced underwriting data. This in turn makes the price more appropriate to the customer’s situation.
Adam Clarke, Ageas Underwriting Director commented: “Ageas’s dynamic pricing puts us at the forefront of new rating sophistication techniques, giving brokers extra confidence that the quote they are providing is more specifically targeted to their client’s individual circumstances and allowing brokers a unique opportunity to compete in a highly competitive market.”
David Kelly, Distribution Director, Open GI added: “We are delighted to work with Ageas to introduce dynamic pricing to our brokers using the integration with Insurance Initiatives Limited (IIL). Ageas is a forward thinking and pioneering insurer, so in challenging times this new facility will allow our brokers to offer extremely attractive quotes in a highly competitive market.”
Richard Crocker, Divisional Director for Distribution, SSP commented: "The personal lines market remains highly competitive and rating is becoming increasingly sophisticated. Ageas’s adoption of dynamic pricing, accessing LexisNexis’ services via the SSP quote hub, puts it firmly at the leading edge of the market and will ensure they can continue to deliver what our brokers want, competitive prices backed by quality cover and service.”
The new structure will also be launched on other Ageas product lines later in the year and the motor proposition will be further enhanced with additional sophistication through the use of data.