Admiral Insurance has expanded its partnership with consumer and business insight firm Equifax.
As a result, Equifax will power Admiral’s affordability assessment for instalment payments.
The Equifax solution aids insurers and brokers in making informed assessments in real-time.
Furthermore, by providing access to CATO (current account turnover) data, customers’ aggregated monthly income and outgoings can now be incorporated into the quote process. Following this, it delivers a straightforward red, amber or green affordability status to better inform decision-making.
Matthew Pilgrim, head of insurance at Equifax, said: “Informed pricing and lending decisions are vital to insurers’ success, particularly when it comes to instalment options. The importance of customer affordability in credit decisions is reflected in new guidelines from the FCA and our solution helps insurers prevent people from gaining access to unsuitable credit and falling into debt. Equifax has been supporting Admiral Insurance with data solutions since 2011, and we’re excited to extend our strategic partnership with them.”
Rhodri Charles, head of price and analytics at Admiral Insurance, said: “With over four million motor and household insurance customers, this new solution from Equifax will make a real difference in helping to identify potentially vulnerable customers and avoid over indebtedness. We have a strong relationship with Equifax thanks to the experience of their consultancy team, the excellent support they provide, and the depth and speed of their data insights.”
In May, Admiral Group agreed to acquire Spanish digital broker Acierto.com in association with insurer Mapfre and private equity firm Oakley Capital.
Admiral said it established the joint venture (JV) with Oakley and Mapfre to club its broker Rastreator Comparador Correduría de Seguros with Asesor Seguros Online S.L. and Asesor Consumer Services (together Acierto.com).
Rastreator operates as the digital insurance broker of Admiral in Spain.
Acierto.com offers the full completion of the sales process for clients, which allows them to compare prices from more than 30 insurance providers.
Under the arrangement, Admiral and Mapfre will collectively own majority stake in the JV while Oakley Capital will hold a minority stake together with management.