Impressive volume figures from Markerstudy underline the benefits of using the RDT insurer-hosted rating hub
You may have seen recent media reports that the RDT rating hub is driving both value and volume for Markerstudy, the first insurer to implement the hub. Below are some of the benefits that Markerstudy is gaining and the advantages you could achieve for your business.
12 million quotes a day and rising
The UK and European motor specialist went live with RDT’s revolutionary platform in 2013 and has seen a rapid growth in transaction volume over the last 18 months as well as a 3.5% reduction in its loss ratio over the same period. The hub is now processing over 12 million quotes a day and is predicted to reach 20 million a day within the next year.
Sixty percent reduction in application fraud
The figures underline the hub’s capability to centralise, accelerate and streamline the distribution of quotes, while data enrichment at the point of quote and during the claims process enables insurers to know far more about prospective and existing customers. The result is a 60% reduction in application fraud, achieving enhanced business performance and a better bottom line – a big advantage in highly competitive insurance markets.
Markerstudy wanted a controllable platform that would improve sales and increase its competitive position by avoiding the need to rely upon intermediary and broker channels to distribute rates – a laborious process often taking up to eight weeks via broker software houses. By implementing the RDT hub Markerstudy has achieved its objective.
Real-time results and market intelligence
Commenting on the performance of the hub, Markerstudy group underwriting director Gary Humphreys said: “We wanted a platform where we could implement weekly updates and make changes immediately, rather than face long delays that undermine our competitive strength. The hub has achieved this admirably, giving us greater agility and speed to market, and much better market intelligence. We expect to process more than 20 million quotes a day by 2016, with the hub returning prices in a fraction of a second using real-time enrichment. That’s a very big step forward.”
Centralise and conquer
The hub allows insurers to take control of distribution and achieve efficiencies that are not possible in complex information chains. Markerstudy has proved that a centralised approach is the way forward for the industry, and its recently reported results show that it is making the right technology choices.
Data enrichment and product differentiation
The RDT hub provides real-time competitively priced products via a single source, with third-party data enrichment from companies such as Experian and LexisNexis. In addition, everything stays in-house and remains confidential, enabling insurers to customise and differentiate their products.
Summary of benefits
• Centralises and unifies rates
• Makes rates accessible for sales channels to retrieve, removing the need for insurers to distribute them
• Uses third-party data enrichment from a wide variety of sources, such as LexisNexis, Experian, HPI, CUE, the DVLA & Synectics, to calculate accurate prices at point of quote
• Supports all aggregators and broker software houses including BGL, Open GI and CDL
• Integrates with all websites and most insurance systems