Admiral Insurance, one of the largest UK insurers, has expanded its strategic partnership with Equifax, the consumer and business insights expert, to power its affordability assessment for installment payments.
The Equifax solution helps insurers and brokers make informed, accurate customer affordability assessments in real time. By providing access to CATO (current account turnover) data, customers’ aggregated monthly income and outgoings can now be incorporated into the quote process, delivering a straightforward red, amber or green affordability status to better inform decision-making.
Matthew Pilgrim, head of insurance at Equifax, said: “Informed pricing and lending decisions are vital to insurers’ success, particularly when it comes to instalment options. The importance of customer affordability in credit decisions is reflected in new guidelines from the FCA and our solution helps insurers prevent people from gaining access to unsuitable credit and falling into debt. Equifax has been supporting Admiral Insurance with data solutions since 2011, and we’re excited to extend our strategic partnership with them.”
Rhodri Charles, head of price and analytics at Admiral Insurance, said: “With over four million motor and household insurance customers, this new solution from Equifax will make a real difference in helping to identify potentially vulnerable customers and avoid over indebtedness. We have a strong relationship with Equifax thanks to the experience of their consultancy team, the excellent support they provide, and the depth and speed of their data insights.”
Source: Equifax Press Release