Next Venture Technologies – which provides insurtech services for price comparison websites, intermediaries, and insurers – has installed its data management service software for Quote Detective.
Described as a pioneering service, it uses machine learning algorithms in tandem with users’ current systems. In the case of Quote Detective, Next Venture’s offering allows the specialist insurance broker to effectively allocate its sales resources and identify market niches where it might need to modify product pricing and placement.
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“We wanted to give our customers the opportunity to take advantage of the advances in AI and in particular machine learning without the need to change their existing systems or embark on expensive, time-consuming ‘data mining’ projects,” said Stephen Peck, founder and technical director at the Wales-based insurtech. “We achieved this by applying the technology to specific areas of the business where our systems already provide real-time ‘clean’ data ideal for building machine learning models.”
As for the budding brokerage, it recently reported a £1.8 million turnover on £12 million gross written premium. Based in Pontypool, the phone-based insurance business is also ramping up its workforce following a move from Cwmbran.
“It’s well worth noting that by our year-end in September the business should be at £20 million gross written premium with a turnover of £3.2 million,” said Quote Detective chief executive David Harlow in February. “These figures are very encouraging and provide a good foundation on which to base growth for the business over the next year.”