Business intelligence (BI) and data warehouse solutions provider Kognitio (Chicago) has entered into a partnership agreement with Quomation Insurance Services to offer on-demand pricing and re-rating service-based solutions targeted at fostering greater agility for auto insurance clients.
The partnership will result in the joining of Kognitio's WX2 in-memory analytical database, via its Data Warehousing as a Service (DaaS) model, with Quomation's PowerBatch and PowerQuote solutions to offer a pricing and re-rating proposition to automotive insurers, according to a Kognitio press release. The vendor claims that n a matter of just seconds, automotive insurers will be able to create varied sets of price data and then match that data against internal information in order to uncover new insights that will help maintain profitable and competitive advantages in the market. The service-based offering means that end-user organizations can perform ad-hoc rating analyses and pay via a monthly-fee as opposed to spending six-figure sums on acquiring, implementing and managing on-site systems to perform this work, the press release states.
"With agents and brokers offering a wide range of coverage type and products, it's imperative that automotive insurers have access to a service that allows them analyze large volumes of price points and conduct meaningful what-if analyses in order to optimize pricing, market share and profitability," comments John K. Thompson, CEO of US Operations, Kognitio. Our DaaS service that incorporates our fast database and Quomation's products puts fast analytical power and detailed data at the fingertips of the automotive insurance industry and empowers them to analyze price point data in the context of their historical and projected financial performance."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio