Equator

Equator is RDT’s award-winning data orchestration solution designed in collaboration with insurers, and it’s changing the way insurance is sold.

Equator, an insurer hosted pricing platform, provides better and faster assessment of risks at the point of quote, drawing on data from third party information feeds to help calculate and price the risks. With Equator, insurers can manage their rates centrally and handle more than 20 million quotes a day.

The reliance on broker software houses to distribute rates, with a six-week turnaround time, isn’t just old thinking – it’s antiquated. Equator does away with the need to distribute rates altogether. Due to its lightning-fast capabilities, it allows insurers to update their rates in minutes, not weeks. The cloud version gives pay-as-you-use cost advantages and instant scalability for peaks in demand.

Insurers can be confident that they’re writing good quality business at the right price based on the best available information. Undesirable applicants can be identified at point of quote, cutting application fraud by up to 60 per cent.

Third party data enrichment is changing the way risk is assessed. At point of quote, Equator calls information feeds such as Experian, Lexis Nexis, HPI, CUE, the DVLA and Synectics and, using the returned data to augment details given by the customer, calculates and prices the risk. It does this sub-second, regardless of whether the calling application is a broker software house, an aggregator site or an in-house insurance system, so that all the calculations take place in real time.
Equator completely removes the need for insurers to send their rates anywhere. Instead the sales channels – regardless of what type of channels they are – access the rates themselves at point of sale. Equator supports all the aggregators along with broker software houses CDL, BGL and Open GI. Plans are well advanced for the remaining software houses to join them.
Equator is service based and can integrate with nearly all third party software. Using it, insurers can update their rates in a matter of hours and they can update their products with no downtime, so that services are not interrupted. Equator can be scaled up using additional servers at peak times. Insurers who host it in the cloud will enjoy even more flexibility and value as extra servers can be added and dropped on an ad-hoc basis, incurring charges only when used.

Equator includes configurable mapping for integration and communication with other systems. It also takes records of transactions and calculates throughput metrics. These statistics, plus details about errors and warnings, are accessible from Equator’s user interface and can also be posted to the insurer’s own monitoring system.

Once products have been defined, Equator’s test harness allows business users to test and debug those products. The debugging tools allow breakpoints to be defined within the scheme logic. This allows the users to see all internal variables, as well as the XML output file change, as the scheme is evaluated.Debugging reports show every detail of logic used to create a rate, which enables users to identify errors and areas that need tweaking and refining. This improves rating accuracy and can also be useful in verifying rate details for compliance purposes.

For broker-led insurers, changing the price of a product can mean sending out the same information to several software houses individually. And, because of the way the software houses operate, it can take up to eight weeks for that price to reach the market. But with our insurer hosted rating platform, insurers update their rates as and when they like, and those rates will instantly become available for all their channels to access at point of sale.
A huge number of new policies have to be cancelled because applicants have given false information. However using Equator insurers can now identify undesirable applicants at point of sale. The same applicants may try several different channels – not realising they are applying and re-applying to the same insurer – but with Equator they can be spotted after their first attempt. Using Equator is proven to cut application fraud by at least 60 per cent.
Real-time data enrichment at point of quote gives insurers peace of mind that they are providing the right price for the right risk. Using Equator enables insurers to price good risks competitively and load quotes for the bad risks. Equator gives underwriters greater flexibility in managing rates, including the ability to change them as often as they need to, empowering them to respond in real-time to current market intelligence.

Equator is highly scalable. If hosted in Azure, it can scale up during peaks in business volumes. This gives the insurer greater operational agility and flexibility while keeping costs to a minimum, as servers are added only when needed, on a pay per usage basis.
  • Allows businesses to continue selling through their usual channels
  • Supports any line of business, currency or tax scheme
  • Cheaper implementation of rates
  • Spot and rectify errors within hours instead of weeks
  • Optimise customer segmentation
  • Rely less on IT department