Ageas has opened its underwriting footprint to quote for approximately 270,000 additional properties in the UK as the result of a sophisticated new underwriting system that rates on an individual household level. Roll out to Ageas brokers is taking place over the next few months.
The ‘full address rating’ system is available across the Ageas House Guard Extra and Prestige products and provides an accurate risk rating for individual addresses, not just postcodes which generally apply to an average of 15 properties and can have varying environmental factors from house to house. This significant development will help to ensure policyholders are rated according to their actual risk, rather than assumed risk, and pay premiums that appropriately reflect the risks.
This latest move comes hot on the heels of recent initiatives from Ageas to enhance its Household underwriting data to tackle fraud at the point of quotation. Ageas is now using data from the Claims and Underwriting Exchange (CUE) and the Syndicated Intelligence for Risk Avoidance (SIRA) to create a more detailed picture of claims history to tackle fraud at the front end, reducing the likelihood of fraudulent claims and therefore cutting claims costs.
Craig Allen, Head of Home Underwriting at Ageas comments: “The launch of our full address rating system offers brokers improved access to our products with premiums truly reflective of the customer’s risk. This is an immensely powerful message, particularly in flood prone areas where the risk can alter dramatically within the same postcode. It is also gratifying to know that our footprint has broadened with this underwriting capability, giving brokers more of the market to target whilst enabling them to compete with direct players.
“This development reflects our ongoing commitment to invest in the right tools and technologies to provide fairer pricing to policyholders, cut fraud and support the needs of brokers operating in this fiercely competitive market.”