TLDR

Predictive data is crucial in gaining a competitive edge in the insurance market, according to Richard Tomlinson, the managing director of Percayso Inform. Tomlinson stated that data analysis provides unique insights that offer insurers an advantage, especially in aggregator-exposed channels. Tomlinson’s comments followed an agreement between Principal Insurance and Percayso to access data predicting consumer behaviour. Tomlinson emphasised the importance of partnering with an entity experienced in artificial intelligence to implement new technology solutions that add real value.

Predictive Data Provides a Competitive Edge

Richard Tomlinson, the managing director of Percayso Inform, has highlighted the significance of utilising predictive data in the insurance market. According to Tomlinson, data analysis allows insurers to obtain unique insights that give them a competitive edge, particularly in aggregator-exposed channels where understanding consumers is essential for attracting the best risks. Tomlinson’s comments came after insurance broker Principal Insurance partnered with Percayso to gain access to data predicting consumer behaviour. This move allows Principal Insurance to predict potential policyholders more likely to cancel mid-term, giving them an advantage in retaining customers.

The Importance of Partnership and Value

Tomlinson stresses the importance of insurers and brokers partnering with entities experienced in the artificial intelligence (AI) space to successfully implement new technology. The UK insurance technology ecosystem is complex, so working with a knowledgeable partner who understands the landscape and has robust, integrated platforms is crucial. Additionally, solutions need to go beyond claiming they can add value to actually delivering value in order to meet consumer expectations and succeed in a digitised environment.