More than £1 million cost saving on claims at Adrian Flux key to new three-year deal with Machine Learning Programs (MLP)
December 2022 – Adrian Flux Insurance Services, the UK’s largest motor insurance broker, has signed a new three-year deal with Machine Learning Programs (MLP).
The partnership sees the insurance specialist continue to utilise MLP’s machine learning insights on risk selection through their Propensity to Claim solution, after it resulted in improving their loss ratio by 4% generating more than £1 million in cost savings on claims.
MLP, which is part of Open GI Group, first began their partnership with Adrian Flux in 2021. Propensity to Claim, the company’s bespoke model for motor insurance, has been designed for insurers, MGAs and brokers and provides valuable machine learning insights on risk selection. It takes in more than 200 rating factors that are specific to the type of cover that is being requested compared to more traditional methods which are confined to between 15-20.
Gerry Bucke, Adrian Flux Insurance Services’ Underwriting Sales and Marketing General Manager, says:
“We are thrilled by the outcome of the partnership so far. The use of machine learning within the insurance industry is still very much in its infancy but the results we’ve seen in the first year are testament to the positive impact it can have. When we kickstarted the partnership we tasked the MLP team with the substantial challenge of reducing our cost ratios and to see such a big reduction in the first 12 months is significant for us as a business. Aside from the considerable cost savings on claims, the expertise of the team has been instrumental and coupled with the extremely accurate assessment of risk and valuable insights not only saves time but gives us more confidence when calculating risk”
Commenting on the renewed partnership Damian Baxter, MLP’s Chief Executive Officer, said:
“From the outset we have collectively seen the positive impact of working together. We have all been energised by the results so far and are delighted Adrian Flux have agreed to extend their agreement with us by another three years. The next step in this collaborative journey has also seen the team taking MLP’s new Intelligent Pricing service, concludes Damian, poised to be rolled out market-wide before the end of the year, the easy-to-use service provides relevant, current market pricing data direct to your desktop daily. The Adrian Flux team have been able to not only use it to query market pricing but stipulate specific pricing parameters, compare data points against anonymised market data and conduct benchmarking, ensuring relevance and competitiveness.”
Notes to Editors
Machine Learning Programs (MLP) was founded in 2018 by Tom Murphy, Julian Holloway and Breanndán Ó Nualláin and offers machine learning and artificial intelligence services to the UK general insurance and financial markets.
MLP haves offices in the UK and Netherlands with their Data Science team operating out of Amsterdam.
MLP’s products now include Propensity To Claim, Propensity to Default and Intelligent Pricing
Open GI is a technology partner for the insurance industry who provide unique and widely used digital solutions to brokers, MGAs and insurers. These include Core, a broking platform which offers a full end-to-end technology solution for broking and policy administration and Mobius, a cloud-native open and API-rich broking platform that easily connects with existing software and systems.
As well as developing and selling the software to companies across the UK, we go beyond by providing support and aftercare that spans years and decades. Our teams are experts in understanding our clients’ needs, matching them with a bespoke or off-the-shelf solution, before implementing and servicing it.
We are part of the Open International Group. We are driven by our people and have ~500 employees across our offices in the United Kingdom, Ireland, Macedonia, and Poland.
Issued by Target PR on behalf of Open GI. For more information, please contact Laura Wilson or Sarah Bryars at laura.wilson@targetgroup.co.uk / sarah.bryars@targetgroup.co.uk or call 01242 633 100.