Insurance software company SSP has launched a new data tool to help insurers gain better insights into their own performance.
SSP Intuition, powered by Amazon Web Services, provides daily access to more than one billion intermediated quotes and quote responses across private motor, commercial vehicle, motorbike and household.
This will give insurers the ability to analyse and understand their own performance in the market, at quote, broker and scheme level.
Given this new insight into their performance, insurers can understand their position in the market against their peers, allowing them to price more accurately and competitively as a result.
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. We are delighted to have launched SSP Intuition and look forward to demonstrating the capabilities available.”
Jason Cabral, chief actuary at Markerstudy Insurance Services, welcomed the release of SSP Intuition, saying: “We’re delighted with the new solution from SSP which ultimately will benefit our broker partners looking to place commercial vehicle business. We strive to put them and their customers at the heart of what we do, and through increased insight and analysis, we can offer a more competitive rate, across a wider market footprint.”
The launch of SSP Intuition follows the appointment of Peter Gregory as director of its broker business last month.
Gregory has been at the company for 20 years, having joined with a background in the broking industry.
His appointment was timed to ensure SSP has one of its most experienced leaders at the helm of the business leading up to the launch of its new SSP Broking platform.
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