Motor insurer Markerstudy has adopted RDT’s latest offering to further streamline its risk acceptance process. Quick Risk Score (QRS), a module of RDT’s award-winning data orchestration system Equator, enables Markerstudy to make rapid decisions about the acceptability of a risk.
QRS is a software-as-a-service enquiry tool. Using data enrichment platforms to augment self-declared information, it provides a clear picture of an applicant and their vehicle. The data is analysed by the insurer and a risk score is sent to the broker.
Cloud-based and with a bold, simple graphical user interface, QRS was developed for brokers operating in the niche motor market. A risk’s score is displayed as colour-coded rings of red, amber or green, with red being the highest risk. QRS is currently live with eight of Markerstudy’s brokers and has proved so popular it’s due to be rolled out to many more of the company’s brokers in the coming months.
RDT CEO Mark Bates said: “QRS offers a highly focused view of niche risks, and is a logical extension of Equator and our strong partnership with Markerstudy. It’s had a successful rollout, and is helping to strengthen the underwriter-broker relationship by providing quick assessments in specialist areas. Bespoke motor insurance is a natural fit for QRS but it would be of equal benefit in other sectors were relevant enrichment data can be isolated for the benefit of brokers and insurers. We see QRS as a strong advantage for any Equator customers.”
Markerstudy’s Group Product Manager Chris Staples said: “QRS is a very useful decision support system for our business. It enhances the value that we are already gaining from Equator and is mutually beneficial for our underwriters and broker partners. The colour-code score system combines speed, simplicity and precision, making it a highly effective tool for profitable underwriting.”