The insurance sector is data rich and decisions are made with lightning speed using data amassed in real time. Competitiveness is achieved by being first to analyse the data, and to act on it. In the price comparison arena, there is constant competition to get consumers the best price first time.
Optalitix has given GoCompare super powers in this data space with a business intelligence solution that embraces AI and enables GoCompare to add value, market insight and competitive analysis to their partner offering.
GoCompare Company Profile:
GoCompare is a British financial services comparison website, established in Wales in 2006. It provides price comparison details for financial products including car insurance, home and pet insurance and breakdown cover. Founded in 2006 it is a market leading, cutting-edge web-based platform generating in excess of £140M of revenue every year.
The Business Position:
GoCompare collects a huge amount of data via its web-based online price comparison platform. As a leader in this sector, traffic to their online insurance quote offering is extensive and partners covet the premium positions on the platform to maximise the efficiency of their own acquisition costs while at the same time providing an accurate underwriting outcome.
The business challenge:
The desire to retain a robust and varied selection of partners on the comparison platform that simultaneously provided consumers with a fair, transparent and accurate series of quotes was of paramount importance to GoCompare. GoCompare recognised that in order to sustain long term partner engagement on the site a system was required that would amass the data collected, process enormous volumes continuously, analyse it, and provide a state-of-the-art database for partners to connect to. This processing had to be done at a faster pace than standard databases would allow due to the size of the data and the number of customers using it.
Partners operating on the platform adopt an agile approach and constantly look to optimise their position in order to attain and retain a competitive edge in their desired vertical. GoCompare recognised that sharing market statistics, customer behaviour and analytics as well as advanced risk information with partners would keep them engaged. The provision of market insight clearly disseminated in a fair and transparent manner would empower partners with a competitive edge and ensure their presence on the platform was maintained.
Optalitix and the GoCompare technical challenge:
The GoCompare platforms contain insurance partners covering three main verticals: car insurance, van insurance and home insurance. Over 450 brands are represented on the platform, each with its own unique selling points, market proposition and underwriting criteria. GoCompare processes data for over 11 million price requests per day across the 450 brands and developing the technology that shared the intelligence around this data in a live environment would enhance and improve the relationship with partners and maximize sales.
Optalitix needed to be aware of the highly competitive, constantly evolving insurance landscape, as was evident in the partner behavior on the GoCompare platform. Products were continuously being added or removed, product information was being edited and revised, fields and data requirements were being altered and this was all happening continuously. For GoCompare to offer a reliable service to partners, Optalitix needed to develop the technology capable of providing the data subject to rapid change. All of this while ensuring full compliance with regulations and meeting FCA compliance.
The Optalitix and the GoCompare solution:
Optalitix embraced the challenge to create the technical solution, building a secure and robust system as well as providing full data integrity checks. As value and fairness are at the core of the proposition, this ensured that the compliance and regulatory considerations were catered for, allowing for transparent transactional activity at all times.
The solution allows for rapid processing of millions of rows of data every day, with the processed data available to partners within 24 hours of the transactions occurring. Partners access the data and use it to guide their models to reflect the latest market conditions, providing the best possible quote to consumers while meeting their own business targets.
As part of the Optalitix solution, GoCompare’s partners benefit from a consultative approach that shares data best practice and identifies how the insight can best be used in their own proprietary modelling environment.