MCE Insurance is set to move to full AI underwriting following the implementation of the ICE Policy software system.
ICE Policy, part of the Acturis Group, gives the motorcycle specialist the ability to develop AI and auto-machine learning within the business. This marks the final step towards creating a fully automated model providing dynamic, precision pricing by bringing together all quote, policy and claims data. This data equates to 20 million records each month.
With their new platform, MCE Insurance will also be able to offer its customers a full self-service experience in both policy purchase and administration, price risks in real time and conduct full portfolio analysis.
Combined with the company’s existing AI and data analytics capabilities, MCE Insurance will start offering its self-service experience to customers in Q2.
“Bringing the ICE Policy system into MCE Insurance helps move us from a traditional model to a leading tech-led insurer,” said Julian Edwards, CEO of MCE Insurance.
“We have been working towards this point for the last three years and it is a really exciting moment in the strategic development of the business.
“We know our customers want flexibility when they deal with us and by providing a fully-automated, self-service model, we are giving them that flexibility. Our business processes are so streamlined now that our customers can complete the full policy transaction in about a third of the time it would usually take.
“That is a huge step forward in bringing the experience of purchasing insurance in line with other retail markets.”
MCE Insurance will initially run its AI alongside human underwriters to ensure the AI is learning accurately before moving the underwriters into more strategic, oversight roles.
“What this does is allow our underwriters to focus on the bigger picture, the wider portfolio performance and on the oversight and testing of the machine learning,” added Edwards.
“This is a fundamental change to the traditional role of the underwriter but one that makes greater use of their expertise. These are exciting times for MCE Insurance and just the start of our journey towards a new approach to buying and selling insurance.”
Andrew Passfield, Chief Executive Officer at ICE InsureTech, said “We are delighted to enable the team at MCE Insurance to move to this exciting new technology led phase of their development following the implementation of the ICE Policy platform. This second MCE ICE implementation showcases how Insurers can benefit from our ICE Insurance Suite. The ICE platform offers a digital end to end solution with enterprise integration, including PCW integration via i-Wonder, all of which are underpinned by great technology.”
Acturis Group announced that it has entered into an agreement to acquire Brovada from Willis Towers Watson. Brovada is a leading electronic trading enabler in the Canadian general insurance market.
John Lewis Home Insurance has recently launched, partnering with ICE InsureTech which delivers the flexible Policy Administration System (PAS) to support and complement their home insurance offering.
Delighted to announce that John Lewis & Partners has launched their brand new type of home insurance with ICE Policy as their Policy Administration System, offering customers greater flexibility and choice.