HPI, a leading vehicle information provider, has joined forces with Towers Watson to arm motor insurers with a powerful set of vehicle data products aimed at supporting gender-neutral risk assessments. Through the new data products, insurers will be able to access and deploy richer information around customers’ motoring history and the type of car that they drive to ensure they make informed risk assessments that comply with the Gender Directive, which comes into force this month.
The products bring together HPI’s vehicle data and Towers Watson’s analytical skills and insurance pricing experience, to deliver powerful predictive scores to insurers who increasingly need to act smarter and use new and additional data items to accurately evaluate risk.
Darren Greenyer, Director of Finance & Insurance at HPI, explains “With over 70 years’ experience in providing vehicle data to the motor industry and consumers alike, HPI delivers an unrivalled level of information. Our collaboration with Towers Watson brings insurers a new opportunity to access a rich database of information, allowing them to more accurately assess driver risk by drawing upon vehicle data. Gender-based assessments are now a thing of the past, so insurers need to act quickly to partner with third parties to get that competitive edge and continue to develop fair and profitable insurance decisions.”
Stephen Jones, director, Towers Watson, adds, “For motor insurers, data and analytics are an unending arms race. The winners in the battle for risk insights will be the insurers who use the best analytical tools and who choose a third party capable of providing the widest level of accurate and relevant data items and scores. Our collaboration with HPI delivers just that, ensuring insurers benefit from greater insights, and allowing them to price more accurately based on relevant risk details rather than mere proxies.”
|
