The solution, called Broker Enrichment, uses Experian’s award-winning insurance platform (iCache*), allowing insurance technology innovator Open GI to provide brokers with a comprehensive suite of data services at the point of quote – which has not been available until now.
Brokers will have access to data services such as a Delphi risk score, ID Validation, fraud risk scores, as well as claims (sourced from CUE™) to check the identity of a consumer and measure risk at the point of quote. The service reduces the risk of fraudulent applications and enables more accurate pricing of quotes in real-time based on understanding a consumer’s individual risk profile. Eldon Insurance is one of the first brokers to use Open GI’s Broker Enrichment service.
Shelley Harris, Head of Strategy and Change at Eldon Insurance, commented:
“The functionality from Broker Enrichment provides us with a new dynamic to our broking process. Having the ability to conduct a number of data checks at point of quote allows us to be much more streamlined than before and in turn boosts our service to the end consumer.”
Simon Hughes, Sales and Marketing Director at Open GI, said:
“We wanted to develop a product to help our brokers keep ahead of fraud and cyber-crime. Broker Enrichment is a unique solution in that it provides a detailed profile of the consumer for the broker, allows the broker to conduct all of the checks in real-time and still be able to offer the best premium available.”
Dan Cicchetti, Head of Data Distribution at Experian, further added:
“We’re delighted to be working with Open GI to support brokers in combating fraud and providing more competitive quotes to consumers. The innovative use of Experian’s data rewards honest and trustworthy customers, and protects them from the rising cost of insurance fraud.”