The Insurer Cloud (TIC) has launched to fill a gap for insurers and Managing General Agents (MGAs) requiring ‘product projection’ and ‘route to market’ support for standard and non-standard personal lines products including all the niches around the edge.
TIC will provide ‘data entry’, ‘automated’, ‘aggregation’, and ‘batch’ quotation support for any class of business, personal or commercial, B2C (direct) or B2B, including full sub-agent support for insurers and MGAs via transactional browsers, as well as providing the tools allowing software houses or brokers with bespoke systems to map outcomes directly into their systems.
The new operation includes options for insurance product hosting, data cleansing and enrichment, telemetry hosting and integration, and aggregator integration and hosting services. The TIC product set has a complete range of underwriting toolsets that allow rates on all classes of business to be priced and data enriched in ‘real time’. It also provides product projection services via public web services that software houses and larger broking enterprises can utilise at zero build cost.
TIC is part of i-Wonder, the marketing and distribution partner of software house Transactor Global Solutions Ltd (TGSL). TIC’s specialist team, which is currently in the process of being expanded, will report to Chris Newman, TGSL’s Commercial Director until a full time Managing Director for TIC has been recruited.
“As MGAs are increasingly important contributors to broking panels, TIC is determined to offer them product projection services, with data enrichment, real-time MI and pricing options, at an affordable cost,” confirmed Newman.
“Another area TIC where we think we will add value is where vanilla personal lines rates are hosted by the insurer as TIC offers ‘upstream’ data enrichment at a shared cost,” continues Newman. “As the market evolves, TIC will also be looking to add value with all emergent sources of third party data as they become available, including telemetry and additional DVLA data.”
TIC’s commercial model in particular should prove very attractive to insurers, MGAs and all elements of the distribution channel. Under most circumstances, it will be returning a number of insurer outcomes for each inbound XML, which means offering lower cost data enrichment services than each insurer paying for their own credit and/or CUE check. The more clients it has, the lower the cost pro-rata.
Also, TIC will use exactly the same technology for servicing aggregators on a direct basis for clients so it can sanitise inbound aggregator data at an affordable cost by only applying it to filtered profiles.
|
