Kognitio has signed a partnership agreement with Quomation Insurance Services to jointly offer on-demand pricing and re-rating service-based solutions that are targeted at helping automotive insurance industry to become efficient and competitive.
Kognitio is a global provider of business intelligence (BI) and data warehousing solutions, while Quomation is an insurance technology developer that specializes in rating and management systems.
According to Kognitio, this partnership brings together the company’s analytical database, WX2, via its data warehousing as a service (DaaS) model, and Quomation’s PowerBatch and PowerQuote solutions to offer pricing and re-rating proposition to automotive insurers.
It allows automotive insurers to create varied sets of price data and then match that data against internal information in order to uncover new insights.
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, said the company.
John Thompson, CEO of Kognitio, US operations, said: “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.”
Jason Wootton, vice president of sales and marketing at Quomation, said: “Our PowerBatch and PowerQuote tools are helping insurers compile millions of price points; by adding the power of Kognitio’s high-speed database technology via the data warehousing as a service model, insurers can now run deep-dive, complex analytics on not only price points but also on other data sets from within their business to see if their products are performing well in the market and to understand how they can gain a stronger foothold.”