equifax

Matthew Pilgrim, Head of Insurance, Equifax

UK-based insurer Admiral Insurance has selected Equifax’s affordability solution, thus expanding its partnership with the company. According to the supplier, the solution is expected to assist brokers and insurers in making informed decisions as well as create accurate customer affordability assessments in real-time.

Matthew Pilgrim, head of insurance at Equifax, said: “Informed pricing and lending decisions are vital to insurers’ success, particularly when it comes to installment 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.”

The solution will provide access to current account turnover data (CATO), monthly income and outgoings, thereby assisting Admiral in providing accurate affordability status and decision making.

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.”

Recently, Equifax has released an SME growth-focussed solution Equifax Interconnect Flex for the development of a cost-effective and consistent approach to credit and identity verification decisions.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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