News, reports and opinion from the UK and Global insurance marketplaces
With BMR not normally being a medium for reportage it feels strange writing directly from an event, but the Association of Insurance and Risk Managers conference in Manchester has thrown up one or two interesting things, against my expectations.
Aon has developed a data analysis tool called Grip which stands for Global Risk Insight Platform, and I just had a helpful demo. Basically, it’s a piece of software that tells you everything about every risk that has been or will be placed by the broker, in real time. Quite powerful and revealing, considering that Aon has a healthy market share in a number of sectors.
I asked the demonstrator whom will get to use this stuff and he was adamant that it will remain safely within the jealous guard of Aon brokers themselves; What price such information in the hands of Aviva or RSA who could then see the specific reasons for their not being chosen to insure a particular risk? This is the most accurate mystery shopper exercise I’ve ever seen, but Aon’s piece de resistance is the fact that the system can forecast up to four months hence using sophisticated algorhythms which predict the direction of trades based on customers’ propensity and buying decisions in the past. Apparently it’s accurate to between 2-3%.