18th January 2024 – Specialist insurance broker, Principal Insurance, has signed a new agreement to access market leading data intelligence from insurance intelligence provider, Percayso Inform.
This new agreement will allow Principal Insurance to access data predicting consumer behaviour, enabling the business to predict potential policyholders more likely to cancel mid-term and therefore better determine the terms offered or decline the risk.
Based in Manchester and writing over £20M GWP, Principal Insurance is a rapidly-growing specialist insurance broker offering an extensive range of niche vehicle products including motorcycle, private and commercial vehicles including courier vans, and motorhomes.
The business will initially use this new data at point of quote across its private car and commercial vehicle books.
“Innovative thinking is at the heart of our business, from the products we offer to our customer-focused service, and that means that we’ve not only embraced the benefits of cutting edge technology from day one but also the data available to us to write sustainable books,” said founder and managing director, Dave Bowcock. “We were impressed with the ease of use of this new tool that we will access via the Percayso platform, which allows us to set our own rules and quickly adapt them to changing market conditions and business strategy. I have no doubt that it will help us to write better business more efficiently. ”
Percayso Commercial Director, David Kelly, said: “Given the current economic environment, brokers are up against it as customers face a tighter squeeze on their household budget. Having greater insight about a customer’s likelihood of cancelling a policy mid-term can better inform their pricing strategy and appetite for individual risks. We’re delighted that Principal sees not only the benefits of the Foresight tool that we access through our relationship with Close Brothers, but also recognises that they can gain competitive advantage from the wealth of data that we can provide. We look forward to developing our relationship further over the coming months.”
Percayso partnered with Close Brothers Premium Finance in May 2023 to make it easier and more seamless for personal lines brokers to access CBPF’s data insight tool, Foresight.