Broker Insights unveils AI-enabled product to help insurers predict the probability of winning new business

Broker Insights, which is empowering the commercial insurance industry through data-driven decision-making, has announced the launch of Propensity Lens, which improves efficiency for insurers by helping them to predict the possibility that they will win business.

Propensity Lens is an addition to the award-winning Broker Insights Vision™ Decision Intelligence platform. Vision uses data from over one third of the UK commercial insurance market to connect brokers and insurers. Partner insurers’ risk appetite – the type of risk they want to write – is overlaid with the broker’s customer data and uses multiple data points to match brokers to insurers intelligently and offer the best products at the right time.

Propensity Lens 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, allowing partner insurers who embrace and upgrade to the new product to prioritise the business they are most likely to win.

The propensity to win new business is displayed at a case-level, showing a high, medium or low likelihood of converting. This allows insurers to increase their quote rate and reduce their decline rate; significantly improve efficiency across sales and underwriting; and improve relationships with brokers due to more quotes being converted.

Propensity Lens continually updates to reflect evolving market trends, ensuring unparalleled accuracy and relevance. The model has undergone rigorous testing to ensure reliability and efficacy, reaffirming its status as an indispensable tool for insurers seeking to thrive in today’s dynamic commercial insurance landscape.

“We are thrilled to introduce the insurer Propensity Lens for new business,”

said Fraser Edmond, CEO, Broker Insights.

“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.”

Speaking about the launch, Andy Whiteley, Head of Data, Broker Insights, said:

“Our model for insurers is extremely agile. 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.”

About Broker Insights

Broker Insights is empowering the commercial insurance industry through data-driven decision-making. Our award-winning Broker Insights Vision™ Decision Intelligence platform compiles and standardises commercial insurance market data, enabling brokers and insurers work together in a more efficient way.

Decision Intelligence empowers decision-makers with the tools, insights, and frameworks to make more informed, data-driven decisions in complex and uncertain environments.

Brokers use our analytics tools to explore, simulate and act on insights and make better placement decisions, and interact with insurers to boost efficiency and earnings.

Our partner insurers can see and profile the market, benchmark against peers and, with their risk appetite data overlaid with brokers’ customer data, identify the right opportunities, to increase distribution and underwriting efficiency.

Vision Enterprise is licensed to larger national and global brokers and networks, who can then customise it for their own markets.

Broker Insights was founded in the UK in 2018, and the company expanded into the US in 2023.