As we continue to look at new ways of improving the service we offer to brokers and their customers, we’re excited to announce a change to our pricing of classic car risks, with the introduction of Insurer Hosted Pricing (IHP) technology.
IHP means that we can get our latest, most competitive pricing to market faster than ever before, trial different rates for different customer needs in real-time and ensure we deliver the maximum value possible in each broker partnership.
Using IHP, which is available to any brokers using Open GI or SSP software, we’ll be able to view every single quote that our brokers run through their systems (anonymously) – an invaluable insight into what you’re seeing in the market, without having to rely on you to tell us first.
Our pricing team and our product managers will meet regularly to analyse the data and identify areas where we can be more competitive. Crucially, IHP enables us to give you more competitive prices in a couple of days, as opposed to waiting 6-8 weeks.
In contrast to others within the insurance sector, this technology is not replacing human expertise. We specialise in underwriting bespoke risks and our ability to outperform our rivals is predicated upon the skills and knowledge of everyone in our business – from pricing and underwriting to claims.
“A lot has improved in the insurance world since the days of transacting everything manually, but insurers have been held back due to a lack of access to pricing data, not to mention the slow turnaround time in getting pricing changes out to brokers, said Adrian Moody, Product Manager Enthusiast at ERS. “IHP is about giving our experts better data, in real-time, so that we can be more agile and responsive in the pricing decisions we make. Our appetite for underwriting bespoke motor risks has never been greater, and IHP is a major step forward for every broker that wants to join us on this journey.
