It said the Equifax solution helps insurers and brokers make informed, accurate customer affordability assessments in real time.
Admiral Insurance has selectedcredit reporting agencyEquifax to power its affordability assessment for instalment payments.
It said the Equifax solution helps insurers and brokers make informed, accurate customer affordability assessments in real time.
Matthew Pilgrim, head of insurance at Equifax, said:“Informed pricing and lending decisions are vital to insurers’ success, particularly when it comes to instalment options.
“The importance of customer affordability in credit decisions is reflected in new guidelines from the FCA and 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 since 2011, and we’re excited to extend our strategic partnership with them.”
Rhodri Charles, head of price and analytics at Admiral Insurance, added:“With over four million motor and household insurance customers, this new solution from Equifax 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.”
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 to inform decision-making.
