Open GI and Business Insight provide insurance providers with competitive insight

opengiOpen GI and Business Insight have developed a new tool ‘Premium Insight©’ to enable insurance providers to compare the competitiveness of their rates.

By simply inputting risk information into the Premium Insight© software, insurers, underwriters and wholesale brokers can benchmark their products against those hold within the Open GI quote engines and make modifications to improve profitability.

The software applies to motor, home, bike and commercial vehicle business and is available for UK and Irish insurance providers.  The comprehensive reporting functionality is ideal for those wishing to track price movements to ensure they remain competitive and test the viability of new products prior to going live.

Read Press release here: Open GI and Business Insight Press Release 130209

New technology give Hiscox insight into theft patterns

hiscox logoHiscox has licensed a new computer model from technology provider Business Insight that predicts the relative risk of theft across the UK.

Theft Insight© is an innovative and powerful probabilistic computer model giving a highly detailed perspective into the distribution of theft risk across the UK. It is based on extensive research into crime patterns, using the latest available information, and takes account of the changing economic landscape of the UK to identify areas most likely to experience a deteriorating theft loss ratio.

Theft Insight© allows Hiscox to enhance their existing view of high and low risk areas and adjust their underwriting policy to manage theft claims frequency better. It also provides insight into postcodes where Hiscox has little or no claims data, allowing them to tune their underwriting in all areas.

Read press release here: Press Release – Hiscox Licence Theft Insight Model August 2009