Markerstudy Group takes on insurtech market with new app

Insurer and broker Markerstudy Group has teamed up with technology firm RDT to create a new insurance smartphone app called TRiCE.

The creators claim that TRiCE can generate quotes quickly with a small amount of data input from the user.

Temporary car cover, pet cover and gadget cover are available from today, with personal lines motor, travel and home to follow by 2018.

Annual car insurance cover is expected to be added to the app in the next three to four weeks.

The app is designed to save people time when buying insurance. In the case of temporary car insurance, users only need to fill in four data fields, including name, address and date of birth.

The app then uses data enrichment from external and internal Markerstudy sources to obtain the information needed to generate a quote.

TRiCE’s creators claim the app can generate quotes faster and with fewer fields of data than rivals. It can generate a temporary motor quote in one minute 10 seconds, a gadget quote in 55 seconds and a pet insurance quote one minute and five seconds.

Markerstudy group underwriting director Gary Humphreys told Insurance Times in July that the company was planning to enter the pay-as-you-go insurance market.

He said at the time that the planned product would be “disruptive in many different sectors of the personal lines market”.

Commenting on TRiCE’s launch today, Humphreys said: “We’ve been working to create a unique proposition in the market for some time, bridging the gap between insurance, technology and big data to make things easier for the end user.

“We’re living in a fast-paced world where for many, time is literally money. We’re excited to be launching a life hack that will hopefully make buying insurance a seamless and efficient experience.”

RDT chief executive Mark Bates added: “Our joint venture with the innovative Markerstudy Group has led to the development of TRiCE – which will redefine the options available to insurers and brokers for selling insurance products.”