Broker Insights to help insurers predict probability of winning new business

Broker Insights has launched a new product that will use artificial intelligence (AI) to help insurers predict the probability of winning new business.

Called Propensity Lens, the product has been designed to predict the likelihood of policy movement from one carrier to another.

The propensity to win new business is displayed at a case-level, showing a high, medium or low likelihood of converting.

In turn, this will allow partner insurers to prioritise the business they are most likely to win.

“We are thrilled to introduce the insurer Propensity Lens for new business,” said Fraser Edmond, chief executive of Broker Insights.

“This product is the first of many envisioned AI-enabled products for our broker and insurer partners.

”With typical insurer no-quote rates of up to 80% and low conversion rates, there is a huge amount of wasted efforts on both sides.

“Providing insurers with a tailored pipeline of business opportunities based on their likelihood to win this new business is a game changer.”

Platform

The product will be an addition to Broker Insights’ Vision Decision Intelligence platform. 

This uses data from over one third of the UK commercial insurance market to connect brokers and insurers.

”By harnessing the power of Decision Intelligence, we are empowering insurers to optimise their workflows, enhance sales efficiency and ultimately drive revenue growth,” Edmond said.

Andy Whiteley, head of data at Broker Insights, added: “Our model for insurers is extremely agile. The techniques built into our machine learning capabilities can be easily and quickly modified, meaning that we can add and update new variables to keep the process up to date with market trends and an insurer’s appetite.

”It’s a continuous review cycle that drives better outcomes and builds stronger insurer-broker partnerships.”