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SSP joins innovation community InsTech London

It’s an exciting time for SSP this month, as it has signed up to become a corporate member of InsTech London. As an insurance technology innovation community, InsTech London is supported by over 80 corporate members and 4,000 people from insurers and tech companies amongst others. The membership will allow SSP to become involved in supporting the insurance community in making it possible for innovators to collaborate with the more established insurance market. 

“We are delighted to welcome SSP to our community. Our members are leaders in innovation to improve risk management, risk selection and efficiency around the world. The industry relies on robust technology platforms and access to new data to help underwriters understand and write a whole range new classes of risk. SSP is a critical part of helping established and new organisations work together at the heart of many insurers and brokers business.” Matthew Grant, Partner InsTech London. 

In addition to the above, InsTech provide a space in which all innovation enthusiasts can be easily approached by entrepreneurs, insurers can share challenges, encourages investors to find opportunities and all can benefit from fresh insights. 

“With the continued adoption of our Digital Insurance Platform, partnership with Amazon Web Services and introduction of our powerful new SSP Broking service, SSP’s transformation through development and innovation is well advanced. We look forward to working together with like-minded organisations to explore ways in which we can maximise the opportunities offered by technology.” Adrian Coupland, Customer and Marketing Managing Director, SSP. 

Sure insurance implements SSP’s Digital Insurance Platform

A Queensland based insurance start-up, “Sure Insurance”, has successfully implemented SSP’s Digital Insurance Platform to support the launch of their home and contents insurance product for regional Queenslanders.

SSP’s digital insurance solution is a cloud-based platform comprised of a market-leading suite of products, which provides advanced digital insurance capabilities for insurers.

The different components within the SSP solution include product development, pricing, policy administration, claims and advanced multi-channel user experience capabilities. 

Sure Insurance is the first business to focus solely on the regional Queensland home insurance segment, a market which has been widely acknowledged as needing greater competition. The SSP digital platform’s flexible product capabilities enable Sure to manage risk, improve rating accuracy and provide better pricing using geocoding and data enrichment.

Paul Miller, General Manager APAC at SSP said: 
“For insurance start-ups, our Digital Insurance Platform is lowering the barriers to entry without compromising their capabilities. In the past, new entrants had a high initial technology cost and long lead time to implementation but with the digital insurance solution, upfront costs are reduced and implementation time is shortened.”

“Hosted and managed in Australia, SSP offer a disruptive digital solution for the general insurance industry and we are pleased to have our second customer go live in this market,” Mr Miller said. 

Brad Heath, Managing Director of Sure Insurance said:
“SSP has been a great partner through our launch process – they took the time to understand our business strategy and customer proposition and structured their solution approach to suit our start-up model. Their people were first class, and they have delivered an innovative, powerful and scalable system in a very short time that will ultimately benefit our customers.”

With a suite of pre-integrated products, the implementation time of the Digital Insurance Platform is significantly reduced compared with more traditional solutions and gives Sure Insurance the flexibility to refine its products and continue to grow.

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 provider of technology solutions and software for the insurance industry.

Sure Insurance is a Queensland owned and operated Insurance Agency. They have partnered with and are backed by global insurer, Liberty Mutual Insurance Company (Liberty).

Ansvar contracts for new digital core insurance platform

Leading specialists in risk management and insurance solutions in the Care, Community, Faith, Education and Heritage sectors, Ansvar Insurance, has contracted with SSP for an “as a service” platform to run its core business.

Ansvar is upgrading from SSP’s Insure/90 platform to SSP’s new cloud-based insurance solution, SSP Digital Insurance Platform.

SSP Digital Insurance Platform is a browser-based platform, incorporating a suite of market-leading products, for insurers to manage their clients, policies, billing and claims.

The different components within the SSP platform include 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 is significantly reduced compared with more traditional solutions. Ansvar is aiming for their initial implementation to be complete by the end of 2019.

Building on the flexibility of the platform, the ANSVAR implementation will also include integration with the popular Sunrise broker exchange.

Paul Miller, General Manager APAC at SSP said:
“We are pleased Ansvar has selected SSP as its partner to modernise its insurance offerings, upgrading from SSP’s I/90 platform. Ansvar is SSP’s third Australian customer to select our digital insurance platform in the past 12 months. Insurers are increasingly looking for more agility and digital capabilities in their products, so they can respond rapidly to changing market conditions. SSP’s digital platform can be easily configured, which reduces the time and effort required to release new products and pricing changes.”

Warren Hutcheon, CEO of Ansvar said:
“SSP Digital Insurance Platform is a world class offering and fits well with our business. The digital capabilities of the platform will make it easier to do business with Ansvar, especially for Brokers. Key to our selection of SSP, was the strength of their local team and the alignment and understanding of our business.”

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 signs up Bahamas First Holdings Limited

Bahamas First Holdings Limited (BFHL) has signed a five year agreement for the implementation, and run of SSP’s Digital Insurance Platform for both its Bahamas and Grand Cayman operations. SSP was chosen to replace their legacy technologies, and the digital transformation project will result in fundamental changes to how Bahamas First General Insurance and Cayman First Insurance operate, through delivering enhanced customer, broker, agent and employee user experience and enhancing the value it delivers to all parties.

The flexible, end-to-end digital insurance platform will provide BFHL with the ability to become more customer focused, by providing its customers with online quote & buy and self-service capabilities. Brokers and Agents will also be able to serve their clients online through portals which will support full-cycle processing, from quotations, accepting new policies through endorsements and renewal processing.

BFHL will also benefit from a new user interface, which is responsive in design – allowing customers, agents, brokers and staff employee usage from a variety of devices (mobile, tablet and/or desktop). SSP’s digital insurance platform meets all requirements to assist BFHL in remaining competitive directly out-of-the-box; without requiring the purchase of add-on modules to plug functionality gaps. Additionally, it will make it faster and easier for BFHL to respond to change and modify its processes in order to transform the business.

Adrian Coupland, Customer and Marketing Managing Director at SSP, said:
“I am delighted to extend our Caribbean customer base with such a key client, following a competitive selection process.

We at SSP are committed to growth in the region, providing front line support from our US office as we have done for over 30 years. Our digital insurance platform will support BFH in their profitable growth, and allow it to evolve to meet growing digital insurance demands of customers and agents”.

Patrick Ward, President and Chief Executive Officer of Bahamas First Holdings Ltd., said:
“We have no choice but to meet the changing demands of our customers and by working with SSP, we are transforming the way we do business, streamlining processes and using data and technology to create a digital platform to make life easier for customers, our employees and our agents and brokers”.

Zurich Insurance becomes 5th insurer to go live on SSP IQH

SSP today announces that Zurich has become the fifth leading UK insurer to go live with SSP Intelligent Quotes Hub (IQH) to provide insurer hosted pricing for part of its business. 

These capabilities have been developed for Zurich’s Personal Lines intermediated business, integrating SSP IQH with brokers’ software houses systems, and is in the process of being rolled out to Zurich’s broker customers. 

A sophisticated whole of market product rating and quotation solution with the ability to handle large volumes of business, SSP IQH provides Zurich with the market-leading rating, pricing and data enrichment capabilities it needs to become more agile and competitive in the marketplace. 

With a single point of data integration for internal and third-party sources, Zurich can consume information from the ever-growing number of external data sources and providers, and integrate this with its own customer knowledge for greater insight into the risk being insured. 

As application fraud is a growing challenge across the insurance industry, Zurich has also deployed SSP Verify, a powerful pre-inception counter-fraud solution. This enables Zurich to minimise fraud at point of quote, allowing the insurer to price more effectively while reducing premium and claims leakage. 

Adrian Coupland, Customer and Marketing Managing Director at SSP said:
“We’re delighted that Zurich has become the fifth major insurer to adopt SSP IQH. We have worked collaboratively with Zurich to develop a robust shared understanding of the capabilities required to support its vision for market-leading rating, pricing, data enrichment and fraud detection and how these will be delivered through SSP IQH and SSP Verify. 

“As SSP IQH has the ability to handle large volumes of business, it is the ideal pricing and rating solution for the 1.1 million policies and hundreds of millions of quotes that Zurich generates each year.” 

Gareth McChesney, Underwriting Director for Personal Lines at Zurich UK said:
“Our strategy focuses on providing the right general insurance solutions for our individual customers at the right price. To continue doing this, we needed to transform our personal lines business to rate and price more accurately, based on individual risk. 

“The collaboration and delivery focus of both Zurich and SSP continues to enable us to deliver this essential capability to the marketplace.” 

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.”