MeteorWrite has announced a strategic partnership with data insight specialist, Synectics Solutions, to deliver specialist motor underwriting empowered by ‘real intelligence’.
Working through brokers and intermediary partners, the newly launched business provides beyond-the-norm motor products and scheme arrangements that require underwriting expertise, for those end customers with specialist needs ranging from vulnerable demographics to high-net-worth celebrities.
MeteorWrite will integrate Synectics’ National SIRA, the UK’s largest syndicated database of cross-sector customer risk intelligence, with its own data enriched underwriting dashboard to gain full and accurate context for each application.
Paired with the expertise of its team – who have over 100 years’ experience in this specialist motor insurance field – this approach allows MeteorWrite to support end customers who don’t suit a more binary yes/no decision-making process typical of today’s market.
Matt Seago, Underwriting and Pricing Director at MeteorWrite, said, “Traditional underwriting is no longer seen as a valuable commodity. Most of us now get car insurance through comparison sites, where the decisions made help only those customers who fit through the various actuarial and machine learning models. But where do customers go who don’t fit these?
“Car insurance for these groups can be impossible to get or cost prohibitive. We want to create a solution based on real underwriting, where we assess an individual’s risk based on real intelligence coupled with data to enrich it. Synectics’ National SIRA is a fundamental part of this process, and this key partnership is pivotal in our overall approach to delivering motor insurance to the Intermediary marketplace.”
Murray Raw, Head of Business Development, at Synectics added: “MeteorWrite share many of our values. We both want decision making to be more transparent, and the whole industry fairer. When data-driven solutions are used in the right way to empower human expertise, you get accurate decision making based on rich, meaningful intelligence. That’s powerful.
“What MeteorWrite is doing will be truly transformative for some people, and we’re incredibly pleased to be a part of that journey.”
ENDS
Claire Evans at Intelligent Conversation: claire@weareic.com or +44 (0)7896547206
Leah Wong at Intelligent Conversation: leah@weareic.com or +44 (0)7393 148 990
Synectics Solutions works with data, and lots of it. 1/3 billion records to be precise. That data is used as a force for good by partnering with public and private sector organisations to build data sharing syndicates that provide meaningful insights and help contributors solve common problems. The challenges that Synectics Solutions help to solve are around organised financial crime, money laundering, customer identification and financial inclusion, which can only be addressed through collaboration.
Synectics Solutions is trusted by tier one banks, insurance companies and the likes of the Cabinet Office. Very few organisations can combine data and advanced technology in that way.
Synectics has been in business for almost 30 years. Over that time, they’ve won a number of accolades for being technological pioneers - including The Queen’s Award for Innovation – and along the way they’ve helped to identify and save organisations over £7.8 billion that could otherwise have been lost to error, fraud or wider financial crime.