How Adrian Flux Insurance Services gained a competitive advantage with Ratings and Machine Learning
Find out how solutions expert, Open GI (OGI), and major insurance specialist, Adrian Flux Insurance Services’ (Adrian Flux) technology partnership has gone from strength to strength since 2007.
More agility around pricing and product distribution
Greater flexibility throughout the business
Solution: Ratings and Propensity to Claim
Open GI (OGI) has been Adrian Flux Insurance Services’ (Adrian Flux) preferred technology partner since 2017, and during this time a strong, collaborative partnership has formed. Prior to this, Adrian Flux was supported by software house TGSL (later acquired by OGI), utilising the broking platform called ‘V’.
OGI’s platform powers this aspect of Adrian Flux’s business. Both the scalability of the software and its supportive architecture has enabled the company to deploy over 1,250 call centre users on a single instance of the solution. This is in addition to the platform also supporting aggregator links for six separate business classes, multiple integrations with value-added partners, and the company’s direct web-based solution, all in real-time.
Business priorities and challenges
Like many insurance companies, Adrian Flux’s biggest challenge is remaining competitive. As such, it has always looked to adopt new technology and find innovative ways to stay ahead of the competition so it can react quickly to market changes.
But, there are other challenges too such as discovering ways to get into new markets, increasing exposure of products with broader distribution channels, detecting fraudulent activity, and being able to improve loss claim ratios.
Complete product rate autonomy
Using OGI’s Ratings solution has meant that Adrian Flux is free from reliance on software houses and has complete autonomy over its own products. Adrian Flux no longer has to wait six weeks to make product rate updates – it can now do these changes instantly when the business needs to react decisively to market changes, which is important for its 400 live schemes.
Access to real-time reporting also means Adrian Flux has all the information it needs instantly to hand, empowering the company to make much more informed business decisions. It can quickly spot when changes need to be made to keep its products competitive.
OGI’s Rating solution has also allowed Adrian Flux to integrate easily with all aggregators, and with other systems too, giving it a wider market footprint. Adrian Flux can discover new markets and opportunities, and generally, maximise its own distribution and business potential.
Harnessing the power of machine learning
The model, which utilises machine learning insights on risk selection, has initially improved Adrian Flux’s loss ratio by 4% and generated £1 million plus in cost savings on claims.