Kognitio, Quomation Offer DaaS Pricing Service to Auto Insurance Market

Kognitio, a provider of business intelligence (BI) and data warehousing solutions, has entered into a partnership agreement with Quomation Insurance Services, an insurance technology developer that specializes in rating and management systems.

Under the terms of the partnership, Kognitio and Quomation will offer on-demand pricing and re-rating service-based solutions that are targeted at helping the insurance industry to become more agile and competitive.

The union brings together Kognitio's analytical database, WX2, via its Data Warehousing as a Service (DaaS) model, and Quomation's PowerBatch and PowerQuote solutions to offer a pricing and re-rating proposition to automotive insurers. Personal auto insurers are able to create varied sets of price data and then match that data against internal information in order to uncover new insights that will help maintain profitable and competitive advantages in the market. The service-based offering means end-user organizations can perform ad-hoc rating analyses and pay via a monthly fee as opposed to spending six-figure sums on acquiring, implementing, and managing on-site systems to perform this work.

"The automotive insurance market is extremely competitive, and time-to-decision rates are crucial," says John K. Thompson, Kognitio CEO of U.S. operations. "With agents and brokers offering a wide range of coverage type and products, it's imperative auto insurers have access to a service that allows them to analyze large volumes of price points and conduct meaningful what-if analyses in order to optimize pricing, market share, and profitability."

"By partnering with Kognitio, we're now able to empower front-line insurance agents to conduct strategic price reviews and re-rating exercises as well as assess the market effectiveness of their products," says Jason Wootton, vice president of sales and marketing at Quomation. "Our PowerBatch and PowerQuote tools are helping insurers compile millions of price points; by adding Kognitio's high-speed database technology via the Data Warehousing as a Service model. Insurers now can run complex analytics on not only price points but also on other data sets from within their business to see whether their products are performing well in the market and to understand how they can gain a stronger foothold."