IS2 Unveils API-Enabled Hosted Pricing Solution
Leading insurtech firm IS2 has unveiled its latest innovation in the form of API-enabled hosted pricing, a development poised to revolutionise the way insurance products are distributed and priced.
The new solution, which integrates seamlessly with IS2's existing suite of insurance software products, allows insurers to dynamically adjust pricing in real time based on a multitude of factors. This level of granularity in pricing represents a significant leap forward in the industry's ability to accurately assess and price risk.
Technical Specifications and Implementation
The API-enabled hosted pricing solution uses a microservices architecture, allowing for scalability and ease of integration with existing systems. It employs advanced machine learning algorithms to analyse vast amounts of data in real-time, including historical claims data, current market conditions, and even real-time weather patterns for certain types of insurance.
One of the key features of the system is its ability to handle complex, multi-variable pricing models. Insurers can now incorporate up to 500 different rating factors simultaneously, a significant increase from the industry standard of 50-100 factors. This granularity allows for unprecedented accuracy in risk assessment and pricing.
The system also boasts impressive performance metrics. It can process up to 10,000 pricing requests per second with a latency of less than 50 milliseconds, ensuring that customers receive quotes almost instantaneously, even during peak periods.
Market Impact and Industry Response
The launch of IS2's API-enabled hosted pricing solution comes at a time when the insurance industry needs more agile and responsive pricing models. A recent survey by Deloitte found that 45% of CEOs cited inflation as a significant concern for their business, and consequently the need for innovation in pricing strategies.
IS2's solution has already attracted considerable interest from leading insurers. The company, which recently reported 40% growth for the first half of 2024, has secured several high-profile partnerships. Notably, IS2 was recognized as the “InsurTech-Platform” winner at the 2024 National Insurance Awards, and it has established a key partnership with Markel this year. These milestones highlight IS2's growing influence in the insurtech sector and its role in driving innovation across the insurance industry.
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