Specialist broker Principal Insurance has entered into a new agreement with insurance intelligence provider Percayso Inform to enhance its access to advanced data intelligence.
This collaboration aims to furnish Principal Insurance with sophisticated data analytics capable of predicting consumer behaviour. Such insights, Principal Insurance noted, are expected to aid the broker in identifying policyholders with a higher propensity to cancel their policies mid-term, thereby assisting in better risk assessment and policy terms determination.
Initially, Principal Insurance plans to deploy this new data intelligence during the quotation process for its private car and commercial vehicle portfolios. This strategic move is part of the company's broader approach to integrating innovative technologies and data analytics into its business operations.
Operating from Manchester with over £20 million in gross written premium (GWP), Principal Insurance specialises in a range of niche vehicle insurance products, including motorcycles, private and commercial vehicles, courier vans, and motorhomes.
Dave Bowcock, founder and managing director of Principal Insurance, emphasises the company's commitment to innovative practices, which extends from its product offerings to customer service.
“We were impressed with the ease of use of this new tool that we will access via the Percayso platform, which allows us to set our own rules and quickly adapt them to changing market conditions and business strategy. I have no doubt that it will help us to write better business more efficiently,” Bowcock said.
David Kelly, commercial director at Percayso, also remarked on the current economic climate's challenges for brokers, particularly as customers face increased financial pressures.
“Having greater insight about a customer’s likelihood of cancelling a policy mid-term can better inform their pricing strategy and appetite for individual risks. We’re delighted that Principal sees not only the benefits of the Foresight tool that we access through our relationship with Close Brothers, but also recognises that they can gain competitive advantage from the wealth of data that we can provide. We look forward to developing our relationship further over the coming months,” Kelly said.
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