Dynamic technology solution drives pricing revolution in UK Motor
The launch of Radar Live, a real-time pricing innovation, embraces machine learning and more traditional models to enable pricing teams to deliver sophisticated rating and underwriting to brokers that importantly allows them to compete in real time.
This is leading to better pricing agility, greater accuracy and pricing decisions and lower costs. The deployment of this type of solution in the UK Motor market is revolutionising pricing practices.
Personalised pricing that recognises difference
Radar Live moves Ageas UK closer to offering personalised pricing for customers, and an important delivery as part of our technical insurance capability. It is allowing us to make important distinctions person to person. For instance, this sophisticated software can distinguish between those temporarily out of work with those who are long-term unemployed rather than rating unemployed people as one homogenous group. And for young drivers we have the capacity to look beyond just age and price accordingly.
The model has also been applied to those in the retirement segment acknowledging that while every occupation has different risks and rates, customers who have retired tend to be rated similarly. The model distinguishes other factors to create bespoke, granular ratings for retired customers.
This ground-breaking initiative means Ageas UK can react rapidly and efficiently to market development which in turn enhances the broker, providing a real competitive advantage in Personal Lines motor. And it is widening the footprint, helping brokers convert more quotes into policies and growing Ageas panel shares.
Plans to expand to Home Insurance
Based on the successful deployment of this real time pricing software in Motor, Ageas UK will now integrate this into its Home insurance portfolio from 2024
Ageas is a standout partner with the technical expertise to support our ethos of offering new drivers flexible and dynamic insurance that meets their needs. Their underwriting expertise was fundamental to the delivery of a first-to-market pay as you go product and their commitment to underwriting excellence and innovation sets them apart from others in this arena.
Tom Doyle, Director of Trading, Atlanta Group
