Worry+Peace, challenger broker that launched in 2015, announces today that it has entered into a new four-year personal lines partnership with leading insurance technology solutions provider, SSP. Worry+Peace, which focus on helping consumers to 'buy insurance better’ through greater use of digital technology, will adopt SSP’s Pure Broking and eSuite software.
SSP Pure Broking is a fully hosted and managed back office platform that provides a comprehensive feature set and can scale with ease as the business grows. Meanwhile, the SSP eSuite solution will provide a rich and highly flexible B2C web solution for Worry+Peace target customer segments, many of whom favour mobile and tablets and require a fully adaptive experience. Initially, the partnership will focus on collaboration across motor and home insurance innovation with scope to expand into other personal lines areas.
Stephen Lathrope, MD Customer Solutions for SSP, said: "Worry+Peace approached us and asked if we'd incubate their plans for motor and home insurance. We recognised the opportunity immediately. We felt that our focus and capabilities in addressing systemic industry issues such as fraud really complimented their modern, progressive plans for distribution. We’ll be looking to share our capability and ideas as soon as possible.”
Worry+Peace has already created a panel of four top general insurers to power products through the SSP deal, and expects to see deeper project innovation later in the year following the launch of its inaugural motor and home platforms.
James York, founder of Worry+Peace commented: "We've been working tirelessly on finding the right strategic partner and I am delighted we have reached this goal with SSP. It's clear from listening to partner insurers that our wider strategy needed insight from key experts who've powered quote volume already and know the inside track on how distribution at scale really works. We plan to work closely together on disruptive tweaks, one sprint at a time.”
Worry+Peace continues to invest in cutting edge innovations, both 'ambitious and incremental', with an API enabled system already under construction and further deals under discussion for solutions in the network and wholesale space.
“We are looking at a full capability spectrum - a manageable strategy”, added York. “To be successful we have to have the right products, the things consumers have come to expect as standard but there’s only so much we can and should code. Sometimes great partners are the best route. All my focus is on finding sustained distribution and our partnership with SSP secures a key flank, for us.”
- SSP Verify will augment Markerstudy’s existing fraud protection measures by helping eliminate 'pre-inception' discrepancies in insurance applications
- Markerstudy was able to identify in excess of one million pounds of mispriced premiums in one month period
Insurance technology specialist, SSP, has signed a new deal with insurance group, Markerstudy. The deal will see SSP Verify anti-fraud technology activated across product lines in the Markerstudy, Zenith and Chaucer brands.
SSP processes more than 3 million quotes a day, allowing SSP Verify to construct a single customer view which tracks suspicious behaviour across all aggregator and SSP broker channels. This data can then be fed into the quote process. SSP Verify is designed to highlight inaccuracies that artificially reduce a customer’s premium and underestimate their risk.
In a recent trial, Markerstudy identified premiums of over one million pounds involving 'pre-inception' discrepancies in insurance applications. According to SSP, around 35% of converted motor insurance applications in the UK include at least one inaccuracy. With the new deal in place, SSP will work with Markerstudy by integrating SSP Verify into its quote systems.
Adrian Coupland, Managing Director, Data and Distribution at SSP Worldwide commented:
“Even though the majority of insurance customers are honest, insurance fraud remains a chronic problem in the industry. We developed SSP Verify to provide insurers with a solution which operates in real time, highlighting inaccurate applications before quotes are returned.
“Importantly, our technology allows Markerstudy to fine tune the system to its needs. Whether that’s moving suspicious applications onto a different channel, pricing risk more accurately or declining a quote.”
Gary Humphreys, Group Underwriting Director at Markerstudy Group said:
“We have long recognised fraud as a problem in the insurance industry and SSP is assisting us as part of our wider existing strategy to tackle it. SSP Verify provides an additional tool to monitor fraud in real time and to prevent it getting onto our books. Reducing application fraud helps us protect our business and provides a fairer service to our customers.”
Ageas is extending its long-standing partnership with Keychoice, the insurance distribution business owned by SSP, with a new deal that delivers market-leading data capabilities across a wide range of personal and commercial lines products.
Keychoice offers insurers unique data-driven insights into the trading of its 500 plus broker base, who together write in excess of £1.56bn GWP. Ageas will benefit from a continuous flow of information on the trading performance of insurance products to enable competitive fine-tuning of pricing, which in turn provides brokers with more competitive products for their customers.
The new deal, which will also see Ageas continue on the Keychoice commercial lines insurance panel, follows on from the strengthening of the Keychoice proposition and team with new hires and a growing number of complementary strategic partnerships.
Adrian Coupland, Managing Director, Data and Distribution, at SSP commented: “We have worked closely with the Ageas team for over 20 years and are delighted to be beginning this new phase of our partnership. Together, we’ll focus on using our data and insight to uncover new opportunities for growth.”
Chris Dobson, Distribution and Development Director, Ageas added: “As a business, we continue to enjoy a strong and successful relationship with Keychoice. The enhanced data proposition and reinvigorated team will help us better understand the trading preferences and behaviours of Keychoice members.”