Callcredit helps Insurance Initiatives Limited (IIL) to hit 1/2 million quotes a day
Insurance Initiatives Ltd (IIL), the market leading provider of data enrichment services to the insurance industry, has announced that its real-time Informed Quotes (IQ) service is now processing in excess of a ½ million new insurance quotations per day. IQ makes rapid external searches of Callcredit Information Group's consumer risk data including the powerful Gauge score and address link and alias name data for the proposer. This can be used to significantly enhance searches of the Informed Claims database (derived from CUE), by finding non-disclosed claims at previous addresses or registered under previous names.
The IQ service is designed to support ever-increasing volumes from aggregators and broker sources, either directly or via IIL's Software House partners. Insurers can now access powerful data sources at the point of quotation to help verify the identity of proposers and more accurately rate the risk they represent with a greater degree of confidence. Different insurer clients can access the same data simultaneously but interpret it differently using private algorithms hosted by IIL on the familiar Polaris platform.
Simon James, I.T. Director at Insurance Initiatives, commented: "Our environment has been processing large volumes of insurer transactions for more than a year now, but until recently these have been post inception or via a browser. The challenge of servicing exceptionally high quotation volumes each requiring access to external data that needs blending and interpreting for each insurer, all within 3 seconds, has taken a considerable amount of effort to meet. We have worked hard with our many partners over the last 3 years to ensure that the impact of the data is applied within the insurers rating engines in time to affect the final quotation."
Graham Lund, Managing Director of Callcredit, commented: "We have been working with Insurance Initiatives for some time now and I am delighted that all of our hard work and preparation for this ground breaking service is now delivering the value we anticipated to an ever increasing number of insurer clients of both of our respective organisations. Insurers can now confidently look forward to reaping the increasing rewards of data enrichment at the point of quotation, which will also benefit the vast majority of consumers."