Broker Insights launches AI-enabled tool for insurers to help win new business

Data analytics and market insight platform, Broker Insights, has launched Propensity Lens, which aims to improve efficiency for insurers by helping them to predict the possibility of winning business.

Propensity Lens is an addition to Broker Insights’ platform Vision Decision Intelligence, which includes data from over one-third of the UK commercial insurance market to connect brokers and insurers by overlaying partner insurers’ risk appetite with the broker’s customer data.

The AI-enabled tool also continually updates to reflect evolving market trends, ensuring accuracy and relevance. The model has undergone rigorous testing to ensure reliability and efficacy, reaffirming its status as an indispensable tool for insurers seeking to thrive in today’s dynamic commercial insurance landscape.

Fraser Edmond, Chief Executive Officer, Broker Insights, commented, “We are thrilled to introduce the insurer Propensity Lens for new business. 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.”

Propensity Lens enhances Vision’s recommendation capability by using AI-enabled learning to interrogate its aggregated dataset and predict the likelihood of policy movement from one carrier to another, allowing partner insurers to prioritise the business they are most likely to win.

The propensity to win new business is displayed at a case level, showing a high, medium or low likelihood of converting, explains the firm. Ultimately, the aim is for insurers to increase their quote rate and reduce their decline rate. Additionally, this tool will help to significantly improve efficiency across sales and underwriting, and improve relationships with brokers due to more quotes being converted.

Andy Whiteley, Head of Data, Broker Insights, concluded, “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.”

The post Broker Insights launches AI-enabled tool for insurers to help win new business appeared first on ReinsuranceNe.ws.

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