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.”