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Broker Insights launches Propensity Lens for insurers

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Broker Insights launches Propensity Lens for insurers | Insurance Business UK















New tool in response to “huge amount of wasted efforts”


Technology

By
Terry Gangcuangco

Broker Insights has introduced a new AI-powered (artificial intelligence) tool called Propensity Lens.

Aimed at boosting the UK commercial insurance sector’s ability to forecast successful new business acquisitions, the tool is an addition to the Broker Insights Vision Decision Intelligence platform that is renowned for harnessing data from more than a third of the market to facilitate optimal matches between brokers and insurers.

Propensity Lens leverages advanced AI techniques to analyze a comprehensive dataset and predict the transfer of policies between carriers as part of Vision’s capabilities. This functionality allows insurers to focus on prospects they are most likely to secure.

The new tool categorises potential wins as high, medium, or low probability, enabling providers to adjust their quoting strategies effectively, significantly enhancing both sales and underwriting efficiency and fostering stronger relationships with brokers.

Fraser Edmond (pictured), chief executive at 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.”

Andy Whiteley, head of data at Broker Insights, highlighted the adaptability of their model.

“Our model for insurers is extremely agile,” he said. “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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