Motor insurance, being a legal requirement, is considered by many to be a grudge purchase – meaning that for a lot of motorists, it’s all about the price.

While insurance companies try to keep premiums down, pricing is usually calculated using a wide range of rating factors and can sometimes seem arbitrary.  It often looks as though underwriters are making a ‘best guess’ based on a driver’s age, location, profession and history.

But this can lead to unfair profiling, especially among younger drivers.  Under 25s are often penalised because they are in the age group known to take more risks.

The number of young drivers has declined in recent years, which can, at least in part, be put down to those inflated insurance premiums.  However, the latest technology means that careful drivers, whatever their age or demographic, no longer need to feel unfairly treated.

Telematics and black box device technology has been in use for a few years now as a way to lower an individual’s premiums.  Usage-based insurance is also growing in popularity, and that can also be used by young drivers to help get their premiums down.

Meanwhile the customer experience, such as ease of purchase or making a claim, is also key to gaining and retaining customers.  The possibility of doing everything quickly, on a smart phone app, is very appealing. Insurtech also enables insurers to provide non-traditional products, such as on-demand, temporary cover, also via a phone app.

RDT has the capabilities that insurers and MGAs need to meet the needs of their customers.  Our developers use agile methodology to enable clients to bring products to market quickly.

The web and app capabilities available to our clients provide the online functionality their customers want.  A real-life example of this is digital broker TRiCE, which provides on-demand insurance policies that can be bought through a smart phone app.

Real-time enrichment at point of quote means that risks can be properly rated using our centralised rating platform Equator.  Sub-second performance means that quotes are generated and returned instantly, satisfying the needs of today’s customers.

If you would like to learn more about our capabilities, please contact us.