- SSP to provide insurance solutions provider Hood Group with SaaS-based policy admin solution including pricing, data enrichment, aggregator integration, contact management, customer self-service, finance, and pre-application fraud prevention for household and travel products
- SSP expects 80% of Insurer policy administration business will move to a pay as you go hosted model within 4 years, ending the “fruitless cycle of legacy technology upgrades”
Insurance technology specialist, SSP, says it expects 80% of its insurance policy administration clients will be using its Software as a Service (SaaS) model by 2020, with insurance solutions provider Hood Group announced today as the first. SSP currently provides technology for 8 of the top 10 UK insurers and works with the top four global insurers.
SSP’s SaaS offering moves insurers to a pay per transaction model which enables them to implement updates and introduce new products more quickly. This includes product lines not traditionally seen as justifying complex capex spend.
Hood Group, which has used SSP’s technology since 2006, white labels home and travel insurance propositions for brands such as Asda Money, RAC, Telegraph Media Group, MORE TH>N and Legal & General. SSP’s SaaS solution will enable it to introduce bespoke data sources, capabilities and products quickly for each brand. Using SSP’s SaaS offering, the company can trial new capabilities as required, without investing in costly or expensive upgrade programmes.
Whilst traditional upgrades will continue to be an important part of its business, SSP expects the majority of insurers to opt for SaaS in the future, with three in talks to adopt the technology this year.
Rupert Bidwell, Head of Territory for Europe at SSP commented:
“Insurers are caught in a fruitless cycle of legacy technology upgrades. They are an expensive, time consuming diversion which distracts insurers from developing better products and us from creating new technology.
“Expectations are changing. Insurers want to experiment with new technology and ideas without having to bet their future on them. Whether it’s top tier insurers looking to keep niche lines competitive or smaller disruptors who need to be at the leading edge, I fully expect 80% of our insurer administration software to be based on SaaS within four years.
“Hood Group are jumping ahead of their competitors today. I can’t wait to see what we will achieve together.”
Simon Hood, CEO of Hood Group said:
“We’re committed to being at the forefront in using technology and data innovatively to add value to both our partners and their customers. This has been the backbone of our success to date and will be the bedrock of our success going forward. We’re building our data capabilities to target core customers for our individual partners and at the same time we’re expanding on our digital marketing skills which have already made a real difference to promoting the insurance solutions we provide.”
He continues: “SSP’s Software as a Service solution will allow us to take all this to a new level as we continue to deliver innovative and sustainable insurance solutions for our partners. It will enable us to be fast and flexible, facilitate our plans for full customer service propositions and take a lead in the development of emerging products.”
Markerstudy Group of Companies is the latest insurer to partner with Keychoice, the insurance distribution business owned by SSP. Keychoice brokers are able to access Zenith Insurance and Zenith Marque private car and commercial vehicle insurance products at exclusive preferential rates.
The Keychoice business gives over 500 member brokers access to a wide range of products to meet the needs of their customers, helping to drive business growth whilst also increasing sales for insurers.
Keychoice has positioned data at the heart of its insurance company proposition, enabling insurers to benefit from unique data sets that are only available through the Keychoice business. This provides real insight into how much business they are writing through the channel and how they can improve their pricing to become more competitive.
The partnership demonstrates further revitalisation of the Keychoice proposition following the strengthening of its team with new hires in recent months.
Liz Mitchell, General Manager, Keychoice commented: “Markerstudy is a great addition for our members and enhances the force of our proposition. We are at an exciting phase in the evolution of Keychoice as we continue to expand the complementary strategic partnerships on our motor insurance panel."
Anthony Foster, Head of Broker Management at Markerstudy added: “Keychoice is a well-recognised brand, but we were also impressed with the commitment of the team and its ability to communicate with a wider number of fast-growing brokers and deploy products in a cost-effective way. The additional data-driven insights provided by SSP complete a full package that offers us enhanced product performance and real competitive advantage”.
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.”