New India looks to the future with SSP solution

New India Assurance Company Ltd (NIA) has extended its partnership with SSP, a global provider of insurance technology, by upgrading to SSP Pure Insurance, improving its speed to market, agility and distribution capability.

SSP Pure Insurance is a flexible, end-to-end core insurance system which includes modules such as product development, policy administration and claims management. Improving on NIA’s legacy systems will provide access to enhanced broker distribution capabilities, as well as making it easier to bring innovative products to market, dynamically manage rate performance and distribute more efficiently.

NIA has been a customer of SSP since 1999 and wanted a legacy modernisation strategy focused on implementing a new system as painlessly as possible. This was a key factor in the decision to remain with SSP. NIA has already undertaken one upgrade of its software from a UNIX-based green screen platform to S4i. SSP delivers NIA with a low risk upgrade with no issues around the migration of data, and therefore enhanced business continuity.

A future phase will also see the introduction of web portals, with the potential for integration with the SSP Marketplace broker e-trading portal to distribute products to an even wider market.

Rupert Bidwell, SSP’s Head of Territory for Europe, Insurer, said: “In a tough, competitive marketplace, standing still is not an option. We’re committed to moving our customers on to new technology so they can take full advantage of the digital revolution, achieve greater operational efficiency, and augment their data with information from third party sources to stay competitive in the marketplace.”ˆ

Girish Radhakrishnan, Chief Executive – UK at NIA, said: “Over the past 15 years, SSP has become a trusted advisor due to the team’s thorough understanding of our business, and we’re pleased to continue with the next stage of our relationship.

“As a top 100 UK insurer, NIA is keen to look to the future and constantly evolve our strategy. SSP Pure Insurance is a modern future-proofed platform that will allow us to manage the entire business lifecycle from a single solution. The greater operational efficiency achieved through the automation of manual process will also empower our underwriters to spend more time working directly with brokers”.

Reduce risks and improve pricing with data enrichment

With more data available from more and more sources, it is critical insurers have a data strategy in place to gain a clear view of the risks and opportunities they face. Findings of a new white paper by SSP, a leading global provider of insurance technology solutions, shine a light on the wealth of knowledge available to insurers to deliver greater insight on individuals and businesses.

By augmenting clients’ risk details with this plethora of information, insurers can provide more accurate pricing and rating, as well as validating their existing data. As the number of available connections continues to rise, the ability to precisely evaluate risks is likely to lead to unique personalised pricing for each customer.

Such data enrichment increases the ability to manage risk, tackle fraud, build insights for new product design and or even boost the performance of company fleets. At the same time, insurers have a holistic view of individuals which allows them to provide customers with a more personalised and streamlined experience.

SSP’s paper explains how aggregating data from existing warehouses and third party sources makes it easier to recognise and evaluate trends.  There are a wide range of data sources already available to insurers to augment their information, including:

Company data

  • Proof of existence checks for businesses
  • Standard Industrial Classification (SIC) code
  • Company financial data
  • Full mortgage and charge details
  • Company capitalisation
  • Alert indicators
  • Legal data

Individual data

  • Proof of existence checks for directors
  • Full director disclosure
  • CCJs
  • Propensity to claim
  • Changed details at the application stage

Positional data

  • Telematics data
  • Geocoding
  • Smart devices and RFID tags
  • Local crime statistics for the area

However, insurers still have a huge amount to do to make the most of all the information available. SSP partner IBM estimates that 90% of all data generated by devices such as smartphones, tablets, connected vehicles and applications is never analysed or used.1

SSP believes that data should be integral to providing solutions to the insurance industry. The SSP Intelligent Quotes Hub is delivering sophisticated rating and pricing capability using data from a variety of sources, creating a single customer view across all channels. By working with partners such as LexisNexis, Experian and Equifax to get the right data and then modelling this effectively, SSP is delivering real value to individual insurers.

Dean Richardson, Head of Insurer Sales, Europe at SSP, says:

“There is no downside for insurers to data enrichment; data offers so many benefits from enhanced risk management and reducing fraud, to better pricing and improving their customer experience. It is clear insurers must have a data strategy in place or risk being left behind.

“At SSP, we have invested heavily in developing SSP Intelligent Quotes Hub to produce unique data insights for insurers and intermediaries. Only with as much information as possible, insurers can trade and quote in the most accurate and profitable way.”

Data enrichment is evolving and is forecast to become essential for commercial insurers in the next 18 months. Those insurers which augment their data to achieve better pricing and customer segmentation will be able to maintain a competitive advantage and gain market share.

1 http://www.independent.co.uk/news/business/news/cheaper-car-insurance-and-working-around-the-weatherhow-ibm-is-using-data-in-its-new-2-billion-internet-of-things-unit-10146738.html