This integration significantly removes the cost and time barriers for building new products and schemes. In addition to the 60 products already available in Marketplace, the process of building new ones is straightforward. Insurers and MGAs generate web-enabled products via a spreadsheet product builder tool within SSP Pure Insurance and all the components are then exported to Marketplace.
From here, the products can be distributed to a wider market through the broker channel, which includes SSP’s 1000 strong broker base and non-SSP brokers.
With a build time of at least 50% less for Marketplace and substantially lower costs, insurers can develop products directed at particular niches and target markets far more efficiently, enabling them to meet changing consumer requirements.
The integrated solution enables insurers to react in real-time and vary their rates to reflect changing market conditions, and also provides them with the full risk data set rather than an aggregated subset. As a result, they receive the accurate management information and data required to report back to the FCA under the forthcoming Solvency II requirements.
Brokers can also achieve significant time and efficiency savings as the integrated solution means they simply have to key in client information only once, removing the errors and omissions that occur when data is re-keyed several times. By making it as easy as possible for brokers to do business with them, insurers and MGAs are able to gain a significant competitive advantage.
Dean Richardson, Head of Sales for SSP’s insurer division in Europe, said:
“Our insurer and MGA partners require access to distribution, want to e-trade risks electronically with brokers, and need to reduce the cost and time taken to launch new products and schemes.
“This was no small challenge for us to take on. Yet, by enabling our insurers and MGAs to build products once in their SSP Pure Insurance system and then make these available to over 1,000 brokers via Marketplace as a seamless part of the process, we have met all their requirements.
“Our brokers also benefit by having increased access to innovative products and schemes without the need to rekey data across numerous extranets. That makes it a win-win solution.”