In a move to broaden accessibility and continue our journey of innovation, we introduced ERS Van onto the Acturis platform last October. This move allows brokers on Acturis direct access to our industry-leading van insurance product.
We sat down with Dave Burnet, Product Manager, to delve deeper into the significance of this development and to chat about the trends he’s seeing in an ever-evolving market.
Hi Dave. What sets ERS Van apart from the market and what is IHP?
Absolutely – and yes, it’s great news. ERS Van is a non-standard retail product. Both ERS Car and ERS Van have undergone significant transformations over the past few years, not least shifting to insurer-hosted pricing (IHP) technology. This strategic move allows us to get the latest, most competitive pricing to market faster, trial different rates for different customer needs in real-time and ensure we deliver the maximum value possible in each broker partnership.
We've also invested heavily in a data science platform which allows us to adapt quickly to a changing market. The introduction of data enrichment is also really important, as it safeguards brokers from fraud, using public information like credit scores and undisclosed claims to boost protection. We have plans for additional data enrichment – stay tuned for updates on this one.
The availability of ERS Van on Acturis seems like a significant step. Can you elaborate on its importance for ERS?
That’s right – and it’s part of a journey for us, where we've been progressively making ERS Van more accessible to brokers. Digital integrations have become an important part of ERS’ distribution strategy and ERS Van is already available on CDL, SSP, OGI, and Applied as well as the option of PiERS - a deep link into ERS’ back-end systems and pricing models via an API. The next step is its integration with Acturis.
This development means that we’ll be able to provide hundreds of brokers on the platform with access to our real-time pricing, data enrichment and appetite updates. And, unlike traditional software house solutions which can take weeks to receive an update, Acturis brokers can benefit from latest product updates immediately. It's an ongoing system whereby our pricing team and our product managers meet regularly to analyse the data and identify areas where we can be more competitive.
And it's only going to get better, with a plan to broaden risk appetite for ERS Van, is that right?
That’s right. Thanks to our specialisation, a team of expert underwriters, and robust data analysis capabilities, we are well-positioned to take on risks that others might shy away from. Our extended ERS Car risk appetite allows us to provide coverage for a broader range of drivers, including younger people, owners of more expensive vehicles, and even those with previous claims and convictions. We understand that a single mistake or incident doesn't define a driver's overall risk profile, and that's why we take a holistic approach to assess their eligibility for coverage. We're looking to continue to build on broadening our appetite of ERS Car, and for ERS Van to follow in the footsteps.
It’s great news, thanks Dave. So now onto broader matters. In an ever-changing insurance landscape, what trends are you observing?
The market is characterised by turbulence, and it’s tough out there for many. In fact, we’ve seen many insurers exiting the market. At ERS we’re pleased to be in a strong position, despite this trend, committed to the market, and growing where it is profitable to do so. Our success is down to several factors – not least our Lloyds of London backing meaning that we’re incredibly financially stable as an organisation. And, importantly, our focus is not on mass market but on non-standard risks, underlined by our investment in data enrichment and of course by our highly specialised team of underwriters.
It all means that we’ve maintained more consistency around pricing than others - despite the aggressive market conditions of the past 18-24 months – and we are a constant in a very fast moving market.
It sounds like there’s plenty which distinguishes ERS from others in the industry. Can you build on this?
Absolutely – our robust data capability is one factor, but the fact that everything we do is backed our specialist underwriting team is also a huge part of what sets us apart. Our investment in skilled professionals, and our specialisation in non-standard risks, are important - and our commitment to these core principles will remain as we continue to grow.
Thanks so much Dave. It’s great to hear how ERS continues to lead in innovation and accessibility.
Go to our ERS Van page further information or watch our latest 30 minute Non-Standard Car and Van pitstop webinar.
Did you know? ERS Car offers protected NCD for one or more years. Read our car appetite here now.
