Data and technology driven insurance specialist, Hood Group, has entered into a knowledge exchange partnership with the University of Essex, home of the UK Data Archive – the lead organisation of the UK Data Service.
The partnership will see Hood Group working with the University’s world class researchers on an initial project to analyse and review the Group’s existing insurance schemes and propose methods to reduce its question sets through data enrichment and predictive product selection at the point of quote. Further research projects are planned throughout the course of 2017.
Paul Firkins, Business Development Director comments: ‘Collaborating with external partners is a key part of our strategic vision to transform insurance. Whether that’s working with start-ups, data providers or insurers, building long term strategic partnerships is the most effective way to take advantage of all the innovative energy in the InsurTech space.’
He continues: “Utilising the wealth of knowledge at the University and having access to their data scientists will enable us to drastically reduce quote times whilst at the same time, guiding the customer to the right product for their needs. In our view, this vastly improved customer experience will deliver significant benefits to the overall insurance proposition that we deliver for our brand partners.”
This initial project marks the start of the knowledge exchange partnership between Hood Group and the University of Essex and further projects involving data and analytics are planned throughout the year including reviewing peer to peer insurance and smart connected homes.
Professor Maria Fasli from the University of Essex adds: “We bring together academic experts in analytics and data science from across our University to offer cutting-edge research, specialist courses and vital insights for business. We’re excited to work with Hood Group as it looks to innovate and transform the insurance customer’s experience.”