HIGH QUALITY CONSUMER DATA FOR CUSTOMER VERIFICATION & PRICING VITAL AS COMPETITION HOTS UP IN ONLINE COMPARISON MARKET
Stuart Smith,Business Development Director, Equifax Insurance Services, provides comment as Google launches car insurance comparison website
London, September 2012 – As search engine, Google, enters the car insurance comparison marketplace, leading consumer information and analytics expert, Equifax, is highlighting the importance of high quality data and streamlined processes to ensure effective customer verification and pricing.
“The entry of Google into the car insurance marketplace just reinforces the importance of employing best in class data and processes to ensure customer quotes can be delivered swiftly, but without increased fraud risk” explained Stuart Smith, Business Development Director, Equifax Insurance Services. “Indeed, we already work with a number of clients within the insurance sector to ensure they achieve optimum performance and enhance the customer experience – all of which is crucial to maintain competitive edge.
” Last month Admiral Group, one of the UK’s largest and most profitable private car insurance specialists, announced its investment in a new partnership with Equifax. Admiral is using instant access to powerful intelligence from Equifax to price effectively whilst reducing the risk of claims fraud, but without compromising the level of service offered to customers.
Designed specifically for the insurance sector, which is currently facing increased fraudulent claims and reduced customer loyalty, Equifax’s online services provide real-time access to a rich source of consumer information. This empowers insurers by providing the intelligence required to set accurate premiums and assist with credit granting decisions, whilst reducing the risk of claims fraud and improving loss ratios.
At the contract announcement, Rhodri Charles, UK Pricing Manager for Admiral said: “Admiral chose Equifax due to its high availability and the rapid on-line response of its bespoke insurance offering, allowing us to be competitive in the on-line channels. We operate in a highly competitive market and the quality of Equifax’s data gives us the competitive edge we need.”
“Our system has been developed to support high volumes of searches without impacting Admiral’s commitment to rapid response times” added Stuart Smith. “This ensures it continues to meet the demands of its customers without adding to the risk of fraud. And we believe this has to be a major focus for other insurers operating in the online comparison space as competition ramps up.”
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Equifax is a global leader in consumer, commercial and workforce information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 17 countries and is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com