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SSP has strengthened its insurer division with the appointments of Paul Bryson as Head of Delivery and Paul White as Product Manager for SSP Pure Insurance.
The move confirms the commitment of SSP, a leading global provider of insurance technology solutions, to the development of its core insurer products to meet strong market demand. This approach is supported by significant financial backing, with almost £5m of investment in SSP Pure Insurance since 2011.
Reporting directly to Stephen Lathrope, Managing Director of SSP’s Insurer Division, Paul Bryson will take over the leadership and management of the SSP Select Insurance and Pure Insurance products. He will also be responsible for overseeing resources across SSP’s development and services operations, driving continued improvement in development and delivery processes, methodologies, tools and practices.
Bryson brings 35 years of financial services software experience to the role, gained in both small UK software houses and major global corporations.
“I’ve followed SSP’s fortunes for a very long time and have admired the evolution of the company,” said Bryson. “As a result, I was attracted by the opportunity to get into an agile, growing company with strong leadership.
“I’m joining SSP at a great time: the product range is powerful and continuing to mature, and we have some innovative new offerings to take to market.”
Speaking about the appointment, Stephen Lathrope said: “Paul has an outstanding track record of success in our industry and I’m delighted that he’s joined the team at this exciting stage in our journey as a business.”
The insurer division is further strengthened by the appointment of Paul White as the new Product Manager for SSP Pure Insurance.
White has 27 years’ experience in the general insurance industry, working for a number of insurers, including Ageas, Aviva, Guardian and Sun Alliance, prior to joining SSP seven years ago as a Business Consultant.
“Over the last seven years I have worked on many initiatives and client implementation projects for SSP Select Insurance. I am looking forward to using all my experience to drive forward the strategy for our other core insurer product, SSP Pure Insurance, both in the short and long term,” said White.
Kevin Gaut, Chief Technology Officer, said: “Paul comes from a strong insurance business background, is very knowledgeable of SSP and will bring these capabilities to the role.”
AXA Commercial Lines and Personal Intermediary has joined the Keychoice home insurance panel with the creation of an exclusive product for the network’s members.
The deal will give over 500 Keychoice members across the country exclusive access to an enhanced version of AXA Personal Intermediary’s bedroom-rated Extra home product.
The enhancements add unlimited buildings and contents cover in addition to the standard cover which includes valuables up to £30,000, worldwide personal possessions up to £25,000 and business equipment up to £5,000.
Carol Hughes, Head of Regional Broker Development at AXA, said: “We are delighted to have entered into partnership with Keychoice and to have been able to create an offering that delivers a real differentiator to its members.
“Regional brokers are a central element of our intermediated personal lines strategy and this deal gives us further access to these brokers under the Keychoice umbrella.
“AXA will always strive to create offerings that meet our brokers’ needs and this latest deal is just another example of that approach.”
Adrian Coupland, Managing Director, Keychoice, Insurer Partnerships and Data Services, added:
“We are delighted to be partnering with AXA to offer Keychoice Extra Plus to our members. At Keychoice we are committed to ensuring we provide our members with the products they need with advantaged trading terms.”
Both parties are in talks to pursue other opportunities and build upon the existing relationship.
New research from insurance technology provider SSP has found that 29% of consumers mistakenly believe that they are not responsible for checking the accuracy of their own motor insurance applications and more than 1 in 10 people (14%) don’t realise that inaccuracies in their personal details could invalidate their policy.
22% of people think their insurer is responsible for checking the accuracy of their motor insurance application, with a further 7% believing responsibility lies with another third party such as their broker.
This suggests that many consumers are unwittingly putting themselves at risk of committing insurance fraud or incurring unexpected costs on claims if information they have submitted is found to be inaccurate. Young drivers are particularly prone to this mistake with 30% of drivers between the ages of 18-24 and a third between 25-34 thinking data validation is the responsibility of their insurer. The research also shows that this lack of awareness is having a serious impact at the claims stage with younger consumers twice as likely to say they have had a claim turned down as a result of inaccuracies in their application.
Lack of awareness is consistent whether consumers go through brokers, price comparison websites or direct to their insurer. 25% of consumers who go direct to their insurer say they expect someone else to check the accuracy of their application, compared to 28% and 29% for PCWs and brokers respectively.
Several survey respondents highlighted the role they think insurers should play in raising awareness of the importance of accuracy when applying for insurance, with one commenting that “The public need to know what insurers mean by inaccuracies!”, whilst another said that a policy being invalidated by inaccuracies in details is “Not totally fair…the insurance company should go through it all with the customer to check at the start”.
However, there are a significant minority of people (15%) who believe the risk of lying on their insurance applications are worth taking in order to bring down the overall cost of their insurance. According to data mined through SSP’s Intelligent Quote’s Hub, each error on an application form (either intentional or accidental) cuts the annual premium paid by around 46% and could be costing insurers over a billion pounds a year As the industry prepares more sophisticated tools to deal with the rising problem of fraud, more customers who are being economical with the truth are about to face the consequences.
Adrian Coupland, Head of Data Strategy for SSP said:
“Insurers simply cannot take the accuracy of their data for granted. Across all the channels we tested, at least a quarter of consumers thought their insurer, broker or other intermediary were responsible for the accuracy of their application.
“On the contrary, unless they have the appropriate systems in place, insurers are rarely able to apply more than a credit check until claims stage, missing other important factors like vehicle usage, main driver, overnight vehicle location and occupation - leaving them out of pocket when it comes to premiums.
“It’s important the industry as a whole does more to verify risks and root out potential fraud, ideally at sale and pre-inception, but it is also important to support consumers by helping them ensure the information they submit is as accurate as possible.”