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Press release:

Ref: OGI0301
23rd September 2011

Open GI and IIL Announce Access to Real-Time Third Party Data

In partnership with Insurance Initiatives Limited (IIL), Open GI is pleased to announce the availability of real-time access to third party data for intermediated insurers to help combat fraud and be more competitive in their pricing in Personal Lines.

By deploying IIL’s data distribution hub, intermediated insurers will be able to access real-time third party data during the pricing process at the point of quotation.  Initially available for Private Car insurance in the UK, this service will be live by the end of 2011.  Amongst the data available to insurers, will be Consumer Data supplied by Callcredit and IIL’s Informed Claims’ Data derived from the Claims and Underwriting Exchange.

Lawrence Caley, Head of Insurer and Software House Development, IIL said “Insurers have been keen to find ways to improve their risk acceptance and pricing whilst validating increasingly unreliable application data which has contributed to the deterioration in loss ratios in recent years and increased premiums. By using the IIL data hub, carriers will have a greater understanding of the customer which can be reflected in their rating action and improve their profitability. The data sources have been fully evaluated by major UK insurers and a clear benefit proven.”

Making this announcement David Kelly, Distribution Director, Open GI commented “This is a vital development for the broker marketplace enabling carriers who utilise the system to benefit immediately from information which has been used effectively by direct writers for some time. The data will help insurers to reduce fraud and provide the consumer with more competitive rates.”

For More Information about Open GI:
Adele Clarkson
Marketing and PR Manager
Open GI
Tel: +44 (0)1905 754455
email: adele.clarkson@opengi.co.uk

Notes to Editors:

Open GI supplies market leading IT solutions to insurance brokers across the UK & Ireland. With 20,000 users in around 2,000 firms, the company has a 40% share of the UK broker market and is committed to technological innovation. Open GI technology enables personal and commercial lines brokers trading in standard and niche markets to streamline business activity and become more profitable. With a workforce of 350 people and a 30-year heritage, the company enjoys a strong financial performance. For the year ended 31st May 2010 Open GI reported revenues of £35.0 million and an operating profit of £21.1 million.