What the new Insurer Propensity Lens means for Brokers

Last month, we went to press with exciting news about a new feature for insurers. You may have already seen the news which was covered by Insurance Age, and many other familiar insurance industry publications.   

We want to let you know what the feature does for our partner insurers, and how it will soon benefit you as a commercial insurance broker using Broker Insights Vision™. 

Our development team is currently rolling out Propensity Lens as an optional upgrade for insurers using our platform.

How Propensity Lens works for Insurers

Insurers using Broker Insights Vision™ Decision Intelligence platform, have access to this upgrade. Propensity Lens can help insurers to prioritise the business they are most likely to win.  This new feature enhances Vision’s recommendation capability by using AI-enabled learning to interrogate its aggregated dataset and predict the likelihood of policy movement from one carrier to another.  The model has undergone rigorous testing to ensure reliability and efficacy.

Fraser Edmond, CEO, Broker Insights, says:

This product is the first of many envisioned AI-enabled products for our broker and insurer partners.  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.

Improved efficiency for Brokers

For brokers, getting a hold of an underwriter and ultimately a price can sometimes be time consuming. For risks which are time dependent and more challenging, this can be costly to a broker.  

However, insurers using the Propensity Lens in Broker Insights Vision™, will be able to see the propensity to win new business displayed at a case-level, showing a high, medium or low likelihood of converting.  

This allows insurers to increase their quote rate and significantly improve efficiency across sales and underwriting.  

Overall, this means improved insurer relationships with brokers and time saving benefits for everyone in the commercial insurance industry.

Benefits of our Insurer Propensity Lens for Brokers

• Faster responses from Insurers – because insurers can prioritise underwriters’ workflow – they should be more efficient, especially at peak times. 
• Improved relationships with Insurers – For brokers, the insurer propensity will improve the matching quality for brokers so they can be more confident in responding to contact from insurers using Vision.  

Contact your Broker Relationship Manager to learn more about Vision and how our Decision Intelligence platform empowers brokers of all sizes to use powerful data to explore, simulate, act and monitor placement strategy.