INSURER Markerstudy discovered a new benefit of using RDT’s products this week when it was named as a 2015 Celent Model Insurer – thanks to its implementation of the software provider’s Insurer-Hosted Rating Hub.
The motor specialist won the award, in the Data Mastery and Analytics category, because of its success with RDT’s hub and its new Big Data Insight Project, built using platforms from two other providers. The combined projects scored highly with the judges, who rated nominations based on quantitative success, level of innovation, technology or integration excellence, and best practice.
The trophy was presented on Monday (March 23) at New York’s Carnegie Hall during research and advisory firm Celent’s annual Innovation and Insight Day.
After the presentation RDT CEO Mark Bates said: “Everyone at RDT is very happy to see the Insurer-Hosted Rating Hub get the recognition it deserves. It’s an industry-disruptive product and in the past two years it has revolutionised the way Markerstudy sells to its customers. I believe it will change the way insurance is sold throughout the industry.”
Markerstudy’s head of IT Dan Fiehn added: “We are delighted to have won the Data Mastery and Analytics Award. Working closely with RDT, SAS and Cloudera, we’ve taken significant steps in putting our digital strategy at the forefront of our business and we’re thrilled to have our accomplishments in this arena recognised.”
Markerstudy was the first insurer to implement RDT’s rating hub, going live with it in 2013. Since then the insurer has seen a steady growth in volume and a 3.5 percent reduction in loss ratio on an already profitable book of business. The hub currently processes 20 million quotes a day, predicted to rise to a staggering 40 million a day by 2016.
These figures underline the hub’s ability to centralise, accelerate and streamline the distribution of quotes, while its use of data enrichment at point of quote enables the insurer to know far more about its customers than before. The result for Markerstudy is a 60 percent cut in application fraud which, added to the other benefits, means enhanced business performance and a better bottom line – a significant advantage in the highly competitive motor market.