Agility is key – MCE Insurance invest in AI
MCE Insurance has developed and rolled out a bespoke AI tool. With capability to analyse and manage pricing and underwriting, it enables real time analysis of performance at a product, scheme and individual demographic level. As a result, pricing is always agile – and optimal.
“AI has allowed us to replace what were manual processes taking weeks to undertake and months to analyse and act on.” explains MCE’s Simon French “We now have the ability to analyse every single rating factor, determining performance across frequency of quote, conversion and loss ratios – all at individual product level – and in real time”.
The investment in AI for underwriting means that recommendations can be actioned immediately, ensuring that pricing for an individual product is always optimised – something that is good for the business, business partners, and for customers.
“This level of agility helps us to better manage risk across the portfolio. Ultimately, it drives fair pricing for the consumer without exposing the business or our partners to undue risk. Agility really is key for a modern broker like MCE.”
In a year in which the market is reporting negative premium growth, MCE’s average per case continues to grow. Their investment in AI is part of a wider strategy to deliver frictionless insurance distribution and the best customer experiences through technology. Simon concludes: “Data, and intelligent response to data, has always been at the heart of managing an insurance portfolio. Put simply, MCE wanted to do that better, and faster. AI is enabling us to do that, and the results are already tangible.”