Manchester & Brighton, UK, 23 November 2021
Details of the UK’s first AI-driven pricing service have been revealed as part of a joint venture between artificial intelligence specialists Nuon AI, and leading broker policy administration software provider Ignite Systems.
The service will directly benefit all high-volume Ignite customers by delivering real-time pricing insights and adjustments at point of quote, powered by Nuon’s AI platform.
Nuon sits alongside the customers’ existing systems, so there is limited integration or set up time.
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.
Toby MacLachlan, Managing Director of Ignite, said:
“Nuon’s technology caught my attention earlier this year. As a business we have a long history of technical product innovation on our platform, and this felt like a great addition.
“We have always focused on helping insurers deliver the best insurance products and services to the market fast.
“Nuon brings a very new and exciting addition to our platform.”
Speaking about the partnership, Nuon’s Chief Customer Officer, Paul Doran, added:
“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.
“While the AI is finding profitable growth for the insurer, Nuon’s AI is learning the behaviour of the end customers’ propensity to buy and at a price they are comfortable with.
“That feels like fair-value for all.”
This partnership follows the recent acquisition of Ignite systems by Sequel, and the latest technology-first offering to Ignite’s growing client base