Kognitio, a leading global provider of business intelligence (BI) and data warehousing solutions, recently announced that it has entered into a partnership agreement with Quomation Insurance Services, a leading insurance technology developer that specializes in rating and management systems. Under the terms of the partnership, Kognitio and Quomation will offer on-demand pricing and re-rating service-based solutions that are targeted at helping the automotive insurance industry to become more agile and competitive.

The union brings together the power and flexibility of Kognitio’s award-winning in-memory analytical database, WX2, via its Data Warehousing as a Service (DaaS) model, and Quomation’s PowerBatch and PowerQuote solutions to offer a unique pricing and re-rating proposition to automotive insurers.  In a matter of just seconds, automotive insurers are now able to create varied sets of price data and then match that data against internal information in order to uncover new insights that will help maintain profitable and competitive advantages in the market.  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.

“The automotive insurance market is extremely competitive and time-to-decision rates are crucial,” says Kognitio’s CEO of US Operations, John K. Thompson.   “With agents and brokers offering a wide range of coverage type and products, it’s imperative that automotive insurers have access to a service that allows them analyze large volumes of price points and conduct meaningful what-if analyses in order to optimize pricing, market share and profitability.  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.”

“By partnering with Kognitio, we’re now able to empower frontline insurance agents to conduct strategic price reviews, re-rating exercises as well as assess the market effectiveness of their products,” explains Jason Wootton, vice president of sales and marketing at Quomation Insurance Services.  “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.  We’re excited about partnering with Kognitio and look forward to taking the proposition out to a wider field.”

SOURCE: Kognitio and Quomation Insurance Services Form a Partnership