Today, we are proud to announce the launch of a new joint product with data and technology provider IIL that will help brokers enhance their customer retention levels and improve customer service.
Price Optimisation, has been developed jointly to combine Jaywing’s heavyweight data and analytics credentials with IIL’s data and technology expertise.
The solution uses advanced machine learning techniques to combine insurance renewal data with proprietary insight from IIL’s data hub. By applying Jaywing’s optimisation algorithms to this data, the system identifies the optimum pricing level for each customer, balancing factors such as their likelihood to renew with the broker’s individual commercial objectives.
The result is a higher level of retention and a more profitable renewal process.
Aiming to maximise year one income for brokers, IIL and Jaywing predict the new product will achieve a 10 per cent increase in revenue at renewal for users.
John Hooper, Chairman of IIL says, “We are delighted to be launching this new product in partnership with Jaywing. After many years of working closely together our combined experience in analytics and data can now be used to benefit both brokers and their customers. We look forward to seeing Price Optimisation improve broker retention rates and renewals.”
Ben O’Brien, Managing Director from Jaywing states, “This is a unique collaboration that will enable brokers to optimise price with more accuracy than ever before. Data science sits at the centre of our business and therefore we’re excited to be working with IIL to unlock our collective expertise to drive ROI for our clients.”
IIL uses data and technology to deliver intelligence at key decision points throughout the customer lifecycle in a variety of industries. Launched in 2008, IIL’s data solutions enable clients to deliver next generation products and services to their clients. www.iil.co.uk