Dual pricing —
an end is in sight
Dual pricing continues to be a huge industry issue, and has now been weighed in on by the Government. The FCA recently announced it could impose direct pricing restrictions and the Competition and Markets Authority set up a working group to oversee recommendations made following a loyalty penalty ‘super complaint’ put forward by Citizens Advice.
This is no surprise, given the growing uproar from consumers with the disparity seen in new versus existing business quotation and premiums.
With drastic steps being taken to combat such a widely known issue, you’d think help – let alone a solution – was nigh on impossible. That’s where SSP Intelligent Quotes Hub (IQH) comes into play. The key to IQH is ease of use; it enables a level of self-sufficiency that means business users can adapt premiums and rules, amend quote flows and use external data sources to get the best price for risk…without needing input from IT or interaction from SSP.
More importantly, IQH has an in-built test and learn option, which allows insurers to run product testing in stealth mode – allowing for direct comparisons of propositions. It essentially permits you to modify your behaviour whilst understanding how dual pricing will work, and allows you to mitigate it in your own environment. You can understand our net pricing and renewal and react accordingly; channel is of no constraint.