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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.” 

Markerstudy adopts SSP Verify to help combat fraud

  • SSP Verify will augment Markerstudy’s existing fraud protection measures by helping eliminate ‘pre-inception’ discrepancies in insurance applications
  • Markerstudy was able to identify in excess of one million pounds of mispriced premiums in one month period

Insurance technology specialist, SSP, has signed a new deal with insurance group, Markerstudy. The deal will see SSP Verify anti-fraud technology activated across product lines in the Markerstudy, Zenith and Chaucer brands.

SSP processes more than 3 million quotes a day, allowing SSP Verify to construct a single customer view which tracks suspicious behaviour across all aggregator and SSP broker channels. This data can then be fed into the quote process. SSP Verify is designed to highlight inaccuracies that artificially reduce a customer’s premium and underestimate their risk.

In a recent trial, Markerstudy identified premiums of over one million pounds involving ‘pre-inception’ discrepancies in insurance applications. According to SSP, around 35% of converted motor insurance applications in the UK include at least one inaccuracy. With the new deal in place, SSP will work with Markerstudy by integrating SSP Verify into its quote systems.

Adrian Coupland, Managing Director, Data and Distribution at SSP Worldwide commented:
“Even though the majority of insurance customers are honest, insurance fraud remains a chronic problem in the industry. We developed SSP Verify to provide insurers with a solution which operates in real time, highlighting inaccurate applications before quotes are returned.

“Importantly, our technology allows Markerstudy to fine tune the system to its needs. Whether that’s moving suspicious applications onto a different channel, pricing risk more accurately or declining a quote.”

Gary Humphreys, Group Underwriting Director at Markerstudy Group said:
“We have long recognised fraud as a problem in the insurance industry and SSP is assisting us as part of our wider existing strategy to tackle it.  SSP Verify provides an additional tool to monitor fraud in real time and to prevent it getting onto our books.  Reducing application fraud helps us protect our business and provides a fairer service to our customers.”