Open GI Update – 07th May 2024

Tue May 7 2024

Introducing IHP Plus: Insurance solutions for Insurers and MGAs

In today’s rapidly evolving insurance landscape, the need for agility, real-time control, customer service and fraud mitigation has never been more critical. Insurers and Managing General Agents (MGA’s) grapple with multiple challenges, from economic challenges to the lack of self-empowerment and real-time data access.

We understand the current pressures. Whether it is the ability to change quickly in tough market conditions, severe weather events, supply chain challenges, claims frequency, or high inflation rates. We can’t solve all these issues, but our market-leading IHP insurance solution can at least help you mitigate some of your current and future exposures.

What is IHP Plus?

Insurer Hosted Pricing Plus (IHP Plus) is a game-changing cloud-based software solution designed to empower insurers and MGAs to take charge of their product distribution channel, with a range of powerful features aimed at tackling the industry’s most pressing issues.

Main Features of IHP Plus

  • Product Management and Control: IHP Plus provides insurers and MGAs with the tools they need to manage and control their products or services efficiently. From pricing to underwriting rules.
  • Software House Integration and Access: Seamlessly integrate IHP Plus into your existing software ecosystem, ensuring a smooth transition and minimising disruption.
  • Operational Performance: Enhance your operational efficiency by automating complex tasks and processes, allowing you to focus on your business model, growth and innovation. Fraud Detection and Mitigation: Identify and combat fraudulent activities by monitoring and analysing quote data in real-time.
  • Real-time Business Insight and Reporting: Make data-driven decisions with access to real-time insights and reporting, helping you stay ahead of market trends.
  • Defined User Roles and Delegated Authority: Grant specific access and authority to your team members, ensuring efficient collaboration and control.

How IHP Plus Can Help Insurers  and MGAs

IHP Plus brings a host of benefits to insurers and MGAs:

  • Full Control: Take charge of your product portfolio and distribution strategies.
  • Real-time Control: Gain real-time insights into transaction types, enabling swift adjustments to meet market demands.
  • Diversification: Explore new products and lines of business confidently.
  • Complete Autonomy: Manage every aspect of your product, from pricing to distribution.
  • Quotability Tracking: Keep an eye on product performance and quotability to make data-driven adjustments.
  • Deeper Understanding: Dive deep into your products with comprehensive analytics.

Dom Horner, Head of Insurer Product Delivery, Somerset Bridge Limited says:

“Profitability in the motor market has been difficult for all insurers, especially in the last year and IHP is one element of a wider Somerset Bridge programme to create the right base for profitable business growth in the future. IHP Plus allows us to closely monitor our motor products and react quickly to meet the needs of a changing market. We can also enhance our data and detect fraudulent activity, through integration with strategic value-added data enrichment partners.”

Jamie Lawson, eTrade & Schemes Director, Pen Underwriting shares his success with IHP Plus:

“Providing agile, compelling, and competitive solutions – particularly in what is a highly dynamic personal lines market – is central to Pen’s service proposition. Open GI’s flexible platform with its ability to offer real-time pricing adjustments, third party data enrichment, product performance monitoring and insights into customer buying behaviour will be central to that, as will its ability to integrate with other partners and software houses.”

IHP Plus is built from the ground up to give you the most cutting-edge of cloud-based rating solutions. Built, developed, and hosted in the Microsoft Azure stack. 

FAQ’s

Q. Is IHP Plus suitable for small and large insurers/MGAs?

Yes, IHP Plus offers scalable solutions suitable for businesses of all sizes.

Q. How easy is it to integrate IHP Plus with existing systems?

IHP Plus offers easy API integration with supporting Swagger documentation.

Q. Can I export quote data to my data lake?

Absolutely, IHP Plus provides access to raw quote data for export.

Q. Does IHP support Polaris?

Yes, it does and it also supports C# or a combination of both.

Q. Is it just for Personal Lines?

No, IHP Plus is business line agnostic. We have customers using IHP Plus for everything from Private Car to Property Owners to Gadget.

Q. Can I use third party data to enrich my products?

Yes, IHP Plus integrates seamlessly with many enrichment partners such as Lexis Nexis, Percayso and industry initiatives such as Flood Re.

IHP Plus is the insurance industry’s answer to pricing agility, self-empowerment, and real-time control. With a range of powerful features and supported by industry leaders.

To get started, contact us today and revolutionise your insurance business with IHP Plus.

Find out more

Don’t wait; the future of insurance is here, and it’s powered by IHP Plus.


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