Launched in May 2022, Foresight dynamically predicts consumer behaviour and scores new car and van customers at the point of quote, allowing brokers to predict those more likely to cancel mid-term, enabling brokers to make decisions about the direction their business should take.
Percayso’s data and intelligence hub ingests and adds value to a vast array of robust datasets to provide next generation insurance intelligence services to insurance providers. Integrated with leading software houses, including Acturis, Applied Systems, Genasys, Ignite, Open GI and SSP, its technology aggregates data from many different sources, allowing intelligence to be accessed with a simple API call at significant volume.
Percayso offers a variety of services to brokers in personal and commercial lines. The team’s partnership with Close Brothers Premium Finance (CBPF) allows brokers to benefit from a cancellation model that predicts those consumers are likely to cancel their insurance early/mid-term.
Percayso’s Commercial Director, David Kelly, joins Colin Wallace, Director of Personal Lines, to explore how our partnership enables personal lines brokers to assess CBPR’s Foresight data enrichment service and why the team is thrilled to work together.
Percayso: Colin, we are thrilled to partner to make it easier and more seamless for personal lines brokers to access CBPF’s data tool, Foresight!
Colin: So are we. This initiative enables our broking partners, or any PL broker, to benefit from Foresight technology, no matter what software house they use. In personal lines, access to data and insight, and enrichment tools such as Foresight, is now a ‘must have’ if brokers wish to thrive and prosper in this highly competitive sector.
How does this stack up throughout your 30+ years in general insurance – mainly personal lines?
Over the years, I’ve worked with some of the UK’s leading insurers, brokers and service providers. I joined Close Brothers to lead the personal lines business in 2022 and help connect brokers with Foresight (and other predictive data models) to help overcome their challenges in the industry today.
What challenges are you seeing in the insurance industry right now?
Ah, the insurance world! A significant hurdle we’re noticing is the shrinking insurance capacity, especially in the wheels insurance domain. This puts the spotlight on brokers. They must up their game in risk selection. They must show insurers that they’re not just middlemen but also offer an added protective layer.
Let’s dive a little deeper. Why is having real-time data so vital for brokers?
Over the years, brokers have poured resources into their data systems. Real-time data? It’s like gold dust! With it, brokers gain deeper insights into potential customers. This doesn’t just benefit the broker; it adds value across the board – for the customer, the broker, and even the capacity provider.
So, it’s a no-brainer that brokers should want to try to predict customer behaviour.
Predicting the future? Well, not exactly. But being able to forecast customer behaviour, especially those thinking of cancelling their premium finance, is a game-changer.
Is that the ‘value add’ for brokers using the Foresight model?
Correct! Imagine addressing potential issues right at the quote stage! This insight and visibility allow brokers to craft tailored solutions, ensuring customers get the data they need to make informed decisions to drive their business forward.
What does the Percayso Inform partnership mean for the industry?
Ah, it’s more than just a collaboration; it’s a strategic move. Partnering with Percayso is about more than just distribution or tech integration. It’s about teaming up with a powerhouse at the heart of the insurance world. Percayso gets brokers, understands the market intricacies, and is geared to tackle challenges head-on. For us, 2024 is an exhilarating time for Foresight and the broker market.
We are thrilled to partner and look forward to more developments in 2024. Thank you, Colin.
Want a deeper dive into the Foresight model? Our interview with Viktor Kazinec – Coming soon.
Want to learn more about Percayso and our partnership with Close Brothers Premium Finance? Get in touch with the team today.