Feb 2022 | Data Insights | Decisioning

Imagine being able to offer consumers a reliable home insurance quote using only their address, in the time it took to read the first five words of this sentence.

This vision is now a reality. Our unique No Questions Asked loss model provides instant quotes using just an address, giving insurers a head-turning way of setting themselves apart, in a world where consumers are buckling under the weight of 21st-century life admin.

Cut hassle, win business

Let’s face it, consumers don’t wake in the morning excited about renewing their home insurance. Instead, they want a fast, reliable process, and the reassurance of being covered.

As we all know, many hours of our free time per week is spent on life admin. So, it’s not hard to see how questions about our property’s percentage of flat-roof space or types of window lock cause major frustration. As such, insurers offering hassle-free experiences are winning significant competitive advantage.

What No Questions Asked offers consumers

No Questions Asked (NQA) lets insurers stand out by giving their customers a uniquely slick experience which eases life-admin frustration. With NQA, taking out home insurance is:

Far less time-consuming. With information-gathering cut out, the NQA experience takes a fraction of the usual time.
Much less frustrating. NQA eliminates questions that consumers hate, like those about the precise type of door locks at the property.
Easier. NQA is simple and intuitive.
Mobile friendly. Consumers can tick off home insurance in a short work break, while commuting, or at a time that suits them.
Reassuring. Consumers worry that having to answer difficult questions, for which they may not have clear answers, could trip them up when making a claim. With no questions, NQA leaves no worries.

How No Questions Asked works

Using just the address, insurers immediately get expected loss costs for 12 home-insurance perils – including fire, theft, escape of water and accidental damage. The data allows insurers to price buildings and contents insurance.

No Questions Asked generates these figures using proprietary best-in-class loss models and UK property information.

The expected costs of insuring the consumer then feed into an insurer’s pricing models, and from there the consumer receives their instant policy quote.

How will this change the insurance market?

Question sets are already getting shorter and buying experiences slicker. NQA turbo-charges insurers’ progress down this path. With NQA, insurers can move to simpler user experiences in a way that is faster, easier and cheaper.

Proven in the UK home insurance market, NQA is likely to be extended to other sectors, including motor, pet and commercial-property insurance.

What it offers insurers

A winning USP. Clear differentiation of products other than by price.
Speed and reliability. Instant and accurate burn-cost estimates and underwriting decisions.
More completed sales. No tricky questions that lead to lost sales.
Peace of mind. NQA fits with iCache, already used by many insurers to enrich insurance data for more competitive quotes, improved loss ratios and reduced fraud.
Simplicity. NQA cuts the cost and complexity of sourcing and taking in external data sources.

No Questions Asked blends expertise in loss-modelling and in credit-scoring to give insurers new-generation pricing support. The model takes the strain so that consumers don’t have to. That is good news for consumers leading time-pressured 21st-century lives – and good news for those innovative insurers who can offer their consumers simplicity in a complex world.

Find out more about NQA in this video.