Admiral Insurance has expanded its partnership with Equifax to gain access to customer data in real-time so that it can make quick affordability assessments for customers who want to pay for their cover in instalments.
The insurance firm, which has more than 4 million motor and household customers, has worked with Equifax since 2011.
The expanded brief has been prompted in part by new “affordability” rules introduced by the Financial Conduct Authority. They put the onus on lenders to ensure that customers can afford to repay a debt at the time it is taken out – and in the future – in a way that does not result in them experiencing significant financial difficulties.
It is claimed that the Equifax solution helps insurers and brokers to make informed, accurate customer affordability assessments in real-time.
By providing access to current account turnover data, customers’ aggregated monthly income and outgoings can now be incorporated into the quote process, delivering a red, amber or green affordability status so that Admiral staff can ensure customers can actually afford the repayments.
Admiral Insurance head of price and analytics Rhodri Charles said: “This solution 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.”
Equifax head of insurance Matthew Pilgrim said: “Informed pricing and lending decisions are vital to insurers’ success, particularly when it comes to instalment options. 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 for nine years, and we’re excited to extend our strategic partnership with them.”
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