06 November 2017

New platform to crack down on fraud

The introduction of a configurable credit and identity check platform is set to help the Principal group minimise fraud and better price risks.

We’ve teamed up with LexisNexis Risk Solutions to integrate LexisNexis® Informed Quotes, a data enrichment platform, with Transactor’s quotes’ platform.

Currently being rolled out across our insurer panel, the platform delivers enriched data, offering real-time security and credit risk scoring at point of quote. It creates scores through interrogating data supplied through multiple sources.

In developing and managing the platform the Principal Products team is working with individual insurers and aggregators to set specific risk criteria.

Managing risk, tackling fraud

Employed across both call centre and online quoting systems, it is being used to refine pricing for accepted risks and declining quotes which exceed pre-defined risk parameters.

“Configurable functionality enables us to much more closely define the risks we Insurance fraud crack downwish to accept on behalf of our insurer partners,” commented Principal’s client systems manager, Brett Playdon (right).

“We are also using this platform to ensure that quotes more accurately reflect credit risks. We can, for example, apply discounts to those whose credit scores indicate they’re less likely to default.”

Minimising risk

He added that the new platform was particularly useful in minimising risk for online quoting.

Martyn Mathews, Sr. Director of Client Engagement, LexisNexis Risk Solutions, commented: “Principal operates in niche markets, even niches within niches, and so its needs and risks differ considerably from those of a general broker.

“We therefore needed to work closely with Principal’s Client Systems, to deliver a sophisticated platform which would instantly yield the relevant data to inform quotes.”

Our growing business

Principal was founded in 2011 by Dave Bowcock. Since then we’ve grown substantially, arranging niche insurance cover for around 40,000 policyholders across the UK and Ireland.

In the past year or so we have created over 80 jobs. Across the group we now employ some 110 staff at our Manchester, Lancaster and Dublin operations.

Gross written premium – which doubled to breach £10m in the our last reported financial year (ended 31.10.16) – is forecast to hit £15m in 2016-17. This comes as we continue to report strong growth across our motorcycle, specialist motor, home, van and commercial insurance portfolio.

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