The challenge 

We worked alongside a mass-market retail travel insurance provider with over 2.6 million policies. The client has two main brands, each with its own travel insurance niche: one for those with significant medical histories, and another for backpackers and digital nomads. 

The client was using an internal underwriting analysis tool to aggregate their data and give them a basic report writing capability, but wanted to delve deeper into the data and needed granularity when it came to finding causes and correlations.

The client wanted to build up their loyalty programme to migrate travel insurance policyholders away from the traditional aggregation platform by analysing how best to manage the relationship and improve retention, whilst seamlessly adjusting around 6 million price points directly fed into the aggregation platform or hopper.

As a result, the company decided to look for an insurance data analytics platform that would suit their unique needs.

What were they using before?

As mentioned above, the client was using an internal underwriting analysis tool to aggregate their data and give them a basic report writing capability.

This internal self-coded system, however, was lacking in its flexibility and required specialist training and expertise to operate. Whilst the system was able to process a lot of data, it was very rigid in its design and was only able to provide data analysis in a limited, structured format.

What are the benefits of GIROUX.ai?

The GIROUX.ai platform offered the client a number of benefits, including the following:

• Triangulation analyses by cover types and traveller type
• Full claims analyses automatically updated and produced
• Multi-dimensional loss-ratio analyses by cover, cover duration, policy type, travel type, policy issue dates/month/year, destination, medical conditions, and traveller type
• Quote take up rates and automatic pricing feedback into the aggregation platforms.

The results

Our client has been able to benefit from the following results:

• Following the implementation of the GIROUX.ai platform, the under writers are now able to examine their data quickly and efficiently to establish the business’ performance and how certain variables are affecting outcomes.
• Thanks to the GIROUX.ai platform’s ability to cross-reference data, the underwriter can now be alerted to a problem and pick out the cause in just a few clicks. It has been integral to building up a picture of future trends that are likely to affect the company.
• For example, one question the team wanted to answer was about the transient effect of Covid-19 on the travel insurance book. In 2020-2021, many people’s travel plans had been impacted in the form of cancelled flights, staff shortages, and covid outbreaks. They wanted to find out what proportion of the costs incurred were related directly to Covid. This would help them to balance out the risks and make specific alterations to the book going forward.
• Another area in which the GIROUX.ai platform has enabled significant improvements is the QBR quarterly report for the underwriter.Historically, the report would have been constructed in Excel and taken up to one day to put together. Following the GIROUX.ai platform’s implementation, it has been possible to set up a quarterly report template in 10 minutes which can be re-run every 3 months at the click of a button.
• This report has helped the capacity provider’s confidence in the data as well as the performance of the portfolio. The company is now able to build a story about what’s happening as well as have more conviction in making critical decisions on price and product.

In terms of trend analysis, the team’s underwriters have found a huge benefit in being able to filter on any metric to delve deeper into the performance.