Broker Insights has launched a tool designed to improve efficiency for insurers by predicting the likelihood of winning business opportunities, empowering them to make informed decisions.
The solution, known as Propensity Lens, addresses the need for insurers to enhance their competitive edge in the commercial insurance market.
By leveraging AI-enabled learning and aggregated data, Broker Insights aims to streamline the insurer’s workflow and increase the probability of successful business conversions.
Broker Insights specialises in empowering the commercial insurance industry through innovative solutions that leverage data analytics and AI technology. With a focus on enhancing efficiency and driving revenue growth, Broker Insights plays a pivotal role in transforming the insurance landscape.
Propensity Lens is an addition to Broker Insights’ award-winning Vision™ Decision Intelligence platform. It utilises data from a significant portion of the UK commercial insurance market to predict the likelihood of policy movement between carriers.
By offering insights at a case-level, Propensity Lens enables insurers to prioritise business opportunities with a high probability of conversion.
The offering enhances insurers’ quote rates and reduces decline rates, leading to increased efficiency across sales and underwriting processes. By providing tailored business opportunities based on win likelihood, the tool strengthens insurer-broker relationships and drives revenue growth for both parties.
Fraser Edmond, CEO, Broker Insights, commented, “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. By harnessing the power of Decision Intelligence, we are empowering insurers to optimise their workflows, enhance sales efficiency, and ultimately drive revenue growth.”
Andy Whiteley, Head of Data, 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.”
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