Artificial intelligence specialist Nuon AI and leading broker policy administration software provider Ignite Systems have teamed up to deliver the UK’s first insurance AI pricing service.
The service will directly benefit all Ignite customers by delivering real-time pricing insights and adjustments at point of quote, powered by Nuon’s AI platform. As Nuon sits alongside the customers’ existing systems, there is a limited set up time.
Nuon said the platform receives quote data from Ignite in the same format as it is received from the aggregator providing the lead. Nuon then runs pricing experiments, instantly comparing this to the millions of similar quotes the insurer receives each week.
Nuon’s AI tests the customers’ appetite to purchase at a price that’s right for them, but within the parameters set by the insurer. Price adjustments can be automatically applied, or used to help further finesse pricing, as well as understand what the data tells them about current and future pricing changes
Paul Doran, Nuon’s chief customer officer, said, “This is not predictive analytics, not simple data enrichment, it’s a powerful set of AI tools which will help insurers improve product pricing performance.
“Insurers are facing challenging times and with new FCA regulations on the horizon, fair pricing is about to be centre stage.”
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