Quick Risk Score

Just over a year ago one of our clients asked us to create a tool that would enable them to make rapid decisions about the acceptability of specific risks. This led to us developing a new module of our rating platform Equator, which we called Quick Risk Score.

Our client has been using QRS for more than a year to help then make decisions about risks as niche cars and drivers with endorsements or restrictions. The benefits of the module, for both the brokers and the insurer, have proved to be huge. QRS eliminates the time-consuming elements of trying to place niche business and provides a very accurate picture of the risk, further improving the profitability of our client’s underwriting.

You can read more information about Quick Risk Score in our most recent edition of Prism, our technology newsletter.

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Driverless cars: pain before gain

Driverless cars could make traffic congestion worse before they make it better, a study by the DfT has revealed. This is because the cars won’t be able to perform at their best until they begin to outnumber traditional cars – and until that day comes they’re likely to drive slowly and over-cautiously.

The performance of driverless cars relies on the way vehicles around them behave, meaning that many advantages of AV technology won’t be felt for years, the report says.

Is Flood RE enough? – what more needs to be done?

Flood Re will have been in place for a year this April, guaranteeing affordable insurance for all households that are at risk of flooding. Last November’s half per cent rise in insurance premium tax was implemented to raise money to spend on flood defences.

But is enough being done to stop homes flooding?

The ABI has once again criticised planning chiefs for approving the building of thousands of houses on land which is at risk of flooding. The Environment Agency also objected to the building projects and had provided flood risk advice which was overruled or partially overruled.

Insurance requirements for automated vehicles

The DfT has proposed amendments for the motor insurance framework to include automated vehicles. The amendments will require changes to legislation, however the government says it will change as little as possible in order to enable the market to develop the appropriate products for AVs.

The proposal is that an insurance company will cover both a driver’s use of a vehicle and the car’s AV technology. Having appropriate insurance will still be compulsory and the insurance would cover times when motorists are in control and when cars are in automated driving mode.