We’ve waded our way through the first quarter of the year and despite the Met Office declaring it the wettest winter on record, it’s still been an amazing start to 2024 for the team at Percayso
Some of you might be aware of the capabilities of our Quote Intelligence suite of products – in particular the tools we provide to help insurance providers identify quote manipulation by customers. It’s an unfortunate side effect of the shift to delivering slicker online quote experiences for customers and the bad news is that it’s on the rise as some become more adept at changing certain factors to their advantage.
We recently analysed manipulation across 360 million distinct quotes from the past two years and found certain trends and insights that we shared first with the team at Insurance Post.
We’re providing more in-depth pictures of the different types of manipulation that we’ve identified in a series of blogs on our LinkedIn channel and website over the coming weeks. The first has already landed and if you want to find out more about Tricky Tom, our example of an individual who has an eye on changing the fields that he knows will affect the price, leading to a lower quote.
It’s clear that having the right data can help insurance providers to write better business, and we’ve been steadily expanding our relationships within the motor sector – most recently partnering with specialist motor insurer ERS as they further develop their data enrichment capabilities.
There’s no doubt that the motor insurance sector is going to be going through a period of price correction in order to move back towards profitability, and our very own Kieran Fisher took part in a recent Insurance Post podcast with other industry experts to discuss the top trends for 2024.
If you didn’t catch it, you can tune in here
Brokers in particular need to understand what makes their customers tick – their likelihood to purchase, cancel and lifetime value. Our partnership with Close Brothers Premium Finance allows brokers to benefit from their Foresight solution – a cancellation model that predicts those consumers likely to cancel their insurance early/mid-term. If you’re not familiar with it, David Kelly caught up with CBPF’s head of analytics to get the full picture.
And we also entered a new partnership with Swiss Re Reinsurance Solutions, enabling the integration and distribution of their proprietary motor geo-scores and risk insights for insurance providers.
Looking ahead, BIBA is fast approaching and you can find our team in Manchester on stand C71. We’ll be happy to talk through our range of insurance intelligence solutions, our plans to enhance them over the coming months, and how we can help you meet the challenges ahead.
Until then, to keep up to date with all our news and views, please follow us on LinkedIn or for more details on any of our solutions please get in touch with david.kelly@percayso.com, chris.traill@percayso.com or kieran.fisher@percayso.com.
Alternatively, you can go to our website and fill in the ‘let’s talk’ form.
In the meantime, let’s hope for a bit more dry weather – and even some sunshine!
The Percayso team
