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SSP successfully implements digital insurance platform for RACQ, Australia

SSP has successfully implemented its digital “as a service” platform for RACQ, Queensland’s premier motoring body, which forms part of its continued growth in the Asia Pacific territory.

This is part of RACQ’s affinity partnership insurance strategy, utilising different components within the SSP platform. SSP’s digital insurance solution is a cloud-based insurance platform with a market-leading suite of products, including product development, pricing, policy administration, claims and advanced multi-channel user experience capabilities.

With pre-integrated components, the implementation time of the digital insurance platform was significantly reduced compared with more traditional solutions, with the platform fully implemented in eight months.

RACQ has now launched a new affinity business, distributing personal lines products via multiple partners to consumers nationwide.

Paul Miller, General Manager APAC at SSP said:
“We are pleased RACQ chose us as a partner to support the group’s digital strategy through our market leading digital insurance platform.

“Hosted and managed in Australia, SSP Digital Insurance is a disruptive solution for the general insurance industry. It has enabled RACQ to innovate and rapidly launch new products into the marketplace at a lower cost, with minimum impact on existing operations.”

Luke Saxby, General Manager Insurance Distribution at RACQ said:
“RACQ was able to accelerate its entry into the insurance affinity partnership space using the Digital Insurance solution which now equips us with the agility and flexibility to quickly launch new products and channels to the national market.”

The SSP Digital Insurance platform is implemented, hosted and managed by SSP, a model that drives a low upfront investment, along with flexible and low cost of ownership.

SSP is a leading global provider of technology solutions and software for the insurance industry.

LV= partners with SSP for unified rating and pricing capabilities

Leading UK insurer LV= has integrated SSP Intelligent Quotes Hub (IQH) and SSP Verify with its policy administration system for unified dynamic rating and counter-fraud capabilities across its direct distribution channel.

As a market leader in product innovation and distribution, LV= recognised the need for specialist best-of-breed technology solutions to meet its sophisticated requirements. SSP IQH is an advanced dynamic risk rating, pricing and data enrichment platform that provides LV= with sophisticated product and pricing management, as well as test, launch and refinement capabilities.

The platform is highly configurable by business users on a self-service basis, rather than through IT development. This reduces the time and effort required to release product and pricing changes, enabling LV= to proactively take advantage of market opportunities and respond rapidly when conditions change.

With SSP IQH, LV= also benefits from a single point of data integration for internal and third-party sources, enabling the insurer to take advantage of the wide range of data available in today’s increasingly data-rich world.

LV= has also deployed SSP Verify, a powerful pre-inception counter-fraud solution. This enables the insurer to analyse the behaviour of individual customers in real-time across all distribution channels, so it can identify and respond to potential application fraud.

Adrian Coupland, Customer and Marketing Managing Director at SSP said:
“SSP already had a strong working relationship with LV= through its involvement on the Keychoice insurer panel. Having worked closely to develop a deep understanding of the breadth and depth of LV=’s risk selection and pricing requirements, we’re delighted to have an industry leader with an established reputation for excellence in this critical area of insurance business operations using SSP IQH and SSP Verify.

“The solutions are delivered using the new SaaS platform SSP developed over the course of a multi-year investment programme, which is now serving the majority of our insurer and broker customer base. The SaaS platform enables more rapid solution deployment, along with lower and more flexible cost of ownership for our customers.”

Hugh Kenyon, Pricing Director at LV= said:
“LV=’s focus is on providing value for money for our customers, through the right insurance products at the right price. As part of our technology investment, we have designed a set of capabilities that enable us to offer the most accurate, tailored pricing possible.

“We partnered with SSP as it delivers risk selection and pricing capabilities proven in the sophisticated, high volume UK personal lines market, together with an innovative new platform that stood out as best-of-breed in our assessment.

“SSP IQH and SSP Verify are an excellent fit with our requirements for rating and pricing across the business, enabling us to continue providing new and innovative products at the right price.”

SSP IQH & SSP Verify

Ageas becomes latest SSP partner for Flood Re

Ageas has become the latest insurer to partner with SSP to provide Flood Re policies through the broker channel.

The UK government launched Flood Re to increase the availability of affordable home insurance for the estimated 350,000 households in flood risk areas, who tend to be subject to higher premiums and excesses. The scheme backed almost 130,000 policies in its first year.

With each of Ageas’s three home products being backed by the Flood Re scheme, at-risk House Guard, House Guard Prestige and House Guard Tenants Contents policyholders will all be able to benefit from affordable premiums and lower excesses dependent on their individual circumstances.

SSP connects to the Flood Re Property Data Hub to capture the council tax band and other relevant risk data. This is fed into SSP’s centralised rating, pricing and quotation solution, SSP Intelligent Quotes Hub, enabling the Flood Re premium to be considered with other risk factors in determining the overall home insurance price Ageas offers each at-risk customer.

Adrian Coupland, Customer and Marketing Managing Director at SSP said:
“I am delighted that Ageas has joined SSP’s Flood Re panel. Having another insurer on the panel provides at-risk policyholders with a wider range of Flood Re-backed policies to choose from, enabling these homeowners to shop around for the most suitable cover through the intermediated channel.”

Francois-Xavier Boisseau, Chief Executive Officer at Ageas said:
“As an original member of the Flood Re scheme, we understand the importance of a multi-distribution strategy to ensure all customers on all channels can access these policies.

“Our partnership with SSP means Flood Re-backed policies are now more widely available for the thousands of at-risk customers who insure their properties through a broker.”

Liz Mitchell, founder of insurtech start-up broker Flood Assist Insurance said:
“As a specialist flood insurance broker using the SSP platform, I am thrilled that Ageas has joined the panel of insurers. The great cover and first class claims service means I am so excited to have them on board.”

SRIC upgrades relationship with SSP for digital journey

With huge opportunities for insurers who embrace emerging technologies and communication channels, The Swaziland Royal Insurance Corporation (SRIC) has chosen to migrate from Insure/90 to SSP’s digital insurance platform, SSP Pure Insurance.

While Insure/90 has served it well, SRIC wanted a platform with the digital capabilities necessary to maintain its position as the largest insurer in Swaziland. SSP Pure Insurance is a flexible end-to-end core insurance system that will provide SRIC with the consistent best practice processes for policy administration, claims management, finance and credit control it needs to drive future growth.

The SSP solution will also provide SRIC with a web-based broker portal, making it easier for brokers to do business with the insurer. Additionally, the bordereau import functionality will enable SRIC to consolidate data from brokers, partners, TPAs and policyholders, improving its operational efficiency and reducing the errors often associated with rekeying of information.

SRIC will also benefit from greater business user control around pricing and rating through the integrated Precision Rules Engine, as well as strong reporting MI.

Adrian Coupland, Customer and Marketing Managing Director at SSP, said:
“I am delighted that SRIC has decided to upgrade to SSP’s digital insurance platform following a rigorous selection process.

“As we celebrate 30 years of providing general insurance (short-term) software solutions to the African market, SSP is committed to maintaining and upgrading its relationships with existing customers as well as winning new ones.”

Zama P. Ngcobo, General Manager at SRIC, said:
“Having been an SSP customer for over 10 years, we have developed a really good relationship with the people there. The team at SSP has a deep understanding of our business and we trust them.

“I am looking forward to continuing to work with such a long-term trusted partner, which will provide us with the assets required to embark on our digital journey and remain ahead of our competitors.”

SSP and L&G joint venture wins digital award

SSP is delighted that Legal & General has won a Digital and Insurtech Award for SmartQuote, the innovative digital solution powered by SSP Intelligent Quotes Hub (IQH).

Legal & General received the Insurance Technology/Digital Project Team of the Year – Enterprise Award in recognition of how SmartQuote has revolutionised the purchase of home insurance. By utilising the vast quantity of digital data available for an individual risk, SmartQuote generates an informed quote in 90 seconds with minimal customer input.

SSP IQH, a sophisticated whole of market product rating and quotation solution, acts as a single point of integration for all the internal and third-party data sources used. Bringing the relevant risk data together in this way means customers simply need to enter their postcode and the type of cover required to receive a binding quote.

Such simplification and streamlining of the purchasing journey eliminates one of the major bugbears of today’s time-poor insurance customers – the need to answer pages of questions they often don’t have accurate information for. This is particularly pertinent given that mobile is now the interface of choice, and SmartQuote provides a mobile-friendly, easy-to-use solution.

In addition, as the information comes from official sources, rather than customer estimates, the price accurately reflects the real individual risk posed.

Adrian Coupland, Customer and Marketing Managing Director at SSP said:
“I am pleased that the ability of SmartQuote to truly transform the market has been recognised with this award. It provides a hassle-free way for consumers to purchase insurance by using the information that is readily available to meet their demands for a faster journey.”

David Robertson, Director of Digital Transformation at Legal & General said:
“In SmartQuote, we’ve delivered an award-winning, market-leading solution jointly with SSP, and I am very proud of that.

“There is nothing like SmartQuote in the world, it is a completely unique proposition. It’s been enabled not just by the technology that SSP has helped us build and deliver, but also by the relationships we’ve got with the team there.”

SSP IQH

SSP celebrates 30 years in the African insurance market

SSP is delighted to be celebrating the 30-year anniversary of providing general insurance (short-term) software solutions to African customers. This makes SSP one of the longest-serving providers of general insurance technology solutions in the African market.

SSP’s head office in Johannesburg is complemented by a regional account management office in Kenya. Together the two offices employ 35 specialists, who are supported by over 850 staff across SSP globally.

Over the last three decades, there have been significant changes in the African technology landscape. SSP’s continued commitment to innovation and delivery has enabled it to keep pace with these changes to meet the evolving demands of its customers.

Indeed, SSP has been a life-long partner for a number of insurers. Over 20% of its African customers have been with SSP for more than 25 years, trusting the company to keep their software current throughout the technology changes.

While many customers are on their second generation of SSP software, Botswana Insurance Company (BIC) has adopted its third generation SSP solution. Having migrated from Insure/90 to S4i, BIC is now benefitting from SSP Pure Insurance, a flexible end-to-end core insurance system for all lines of business.

In addition to retaining existing customers, SSP is continuing to expand its African insurer customer base. New customers are attracted by the company’s extensive local knowledge and experience, as well as its proven ability to deliver technology on the continent. This year SSP will introduce more of its award-winning digital insurance components to the African market.

SSP’s customers play an important part in driving product and direction through running its African user group, which operates for the benefit of the users.

Leslie Muthen, Head of Business Operations and Finance, Africa at SSP said:
“This is a significant milestone for SSP, and one I am delighted to have been part of for the last ten years. It means we truly have the required knowledge and experience of the African general insurance market to enable our customers to deliver on their growth and efficiency plans.”

Adrian Coupland, Customer and Marketing Managing Director at SSP said:
“SSP’s enduring commitment to both the African market and investment in our solutions means we can continue to offer insurers in the region the rich, broad functionality they need to remain competitive.

“We have been a safe and trusted partner for the last 30 years, and will be for the next 30 years too.”

Masawara Insurance Group drives digital strategy with SSP Pure Insurance

Insurance technology specialist SSP has signed a new deal with the Masawara Group of insurance companies. The deal has seen SSP Pure Insurance deployed across Botswana Insurance Company Limited, Lion Assurance Company Limited and Zimnat Lion Insurance Company Limited in multiple African territories, all of which are now live.

SSP Pure Insurance is a flexible, end-to-end core insurance system, which provides Masawara Insurance Group with the full-cycle policy administration, finance, claims, reinsurance and MI/BI reporting capabilities it needs to drive future growth.

The enterprise solution will also provide Masawara Insurance Group with a web-based employee portal and a broker portal, which will make it easier for brokers to do business with the three insurers through online e-trading.

Adrian Coupland, Customer and Marketing Managing Director at SSP, said:
“I am delighted that SSP has extended its partnership with Masawara Insurance Group.

“With our existing customers Botswana Insurance Company Limited and Lion Assurance Company Limited, and their sister company Zimnat Lion Insurance Company Limited, all live on our market-leading platform, they can benefit from a consolidated solution with best practice configuration and proactive support from the experienced team in our South African office.”

Mustafa Sachak, Chief Executive Officer at Masawara Insurance Group said:
“SSP Pure Insurance gives us a future-proof enterprise solution with the capability and flexibility for us to be self-sufficient, as well as centralised reporting and intelligence for the data across all three insurers.

“SSP has over 30 years’ knowledge and experience of the African general insurance market, and has delivered the same SSP Pure Insurance package to more than 50 short-term insurers. This gives us the confidence that we have adopted a proven solution that has benefitted from $7.2m of R&D investment over the last three years.”

Stanley Mazorodze, Managing Director at Zimnat Lion Insurance Company Limited said:
“We are committed to making a real difference to the lives of Zimbabweans through providing superior products and customer service.

“By adopting SSP Pure Insurance, we have not only implemented a proven functionality-rich platform designed specifically for the short-term insurance market, but can also benefit from SSP’s constant investment in its technology, service and people. As a result, we have the capabilities and support necessary to make our clients’ lives better today and in the future as the market changes.”

L&G partners with SSP to transform its customer journey

Legal & General has partnered with SSP to launch SmartQuote, an innovative new digital solution that meets the needs of today’s insurance customers by making it quicker and simpler to buy home insurance.

While traditional quote forms require consumers to answer numerous questions they often don’t have accurate information for, SmartQuote uses SSP Intelligent Quotes Hub (IQH) to take full advantage of the vast quantity of digital data sources available to streamline and simplify the customer journey.

As a sophisticated whole of market product rating and quotation solution, SSP IQH provides a single point of data integration for the internal and third-party data sources Legal & General requires to generate a binding customer quote, with the customer only needing to input their postcode and type of cover required.

As the information used comes from official sources, rather than customer estimates, the price accurately reflects the real individual risk posed.

Adrian Coupland, Customer and Marketing Managing Director at SSP said:
“The deployment of SmartQuote is a major milestone for SSP and will be truly transformational in the market.

“Time-poor consumers are becoming increasingly frustrated at having to answer pages of questions to get an insurance quote. By utilising the ever-increasing amount of data available about people and risks, SmartQuote produces an informed and precise evaluation quickly with minimum customer effort.

“As the number of data sources continues to grow and grow, all these can be fed into SSP IQH to produce optimum results.”

David Robertson, Director of Digital Transformation at Legal & General said:
“We are looking to significantly grow our GWP in the next year through the implementation of new digital solutions. With SmartQuote providing a hassle-free way to purchase policies, it will make insurance more accessible to consumers, and will form the centrepiece of our targeted growth.

“As SmartQuote also makes it easier for our distribution partners to offer insurance quotes, it will drive opportunities across the direct, broker and affinity markets.”