Kognitio and Quomation Join Forces To Offer DaaS Pricing Service to Auto Insurance Industry
CHICAGO, May 10 /PRNewswire/ -- Kognitio®, a leading global provider of business intelligence (BI) and data warehousing solutions, today 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."
Kognitio is an innovative, technology-rich company, providing leading-edge solutions to business problems that require the acquisition, rationalization and analysis of large or complex data. Kognitio's award-winning WX2, a recipient of the 2009 BeyeNETWORK "Vision Award," and SearchDataManagement.com's 2008 "Product of the Year," is the industry's fastest and most scalable analytical database on the market, giving firms the ability to turn their raw data into valuable business insight fast, and empowering its customers to realize comprehensive answers to critical business questions.
Globally headquartered in Bracknell, UK, with North American headquarters in Chicago and offices in New York, Kognitio delivers competitive advantage to its clients across a wide range of industries, including telecommunications, financial services and utilities. More information is available by phone at 312.268.5725 and at www.kognitio.com.
Founded by J.R. Jensen in 1999, Quomation® Insurance Services, Inc. has been a leading insurance technology developer specializing in designing products for company rating solutions, comparative rating solutions and management systems. Beginning with an initial focus on local agencies and insurance carrier solutions, Quomation has since expanded throughout the mountain west and into forty-two states. Quomation Insurance Services, Inc. was founded as the premier provider in the personal lines insurance market of rating systems, on-line application upload systems, database management software and analytical data tools. We are dedicated to offering unparalleled service and innovative, powerful software platforms with comprehensive features and capabilities designed to empower every company, agency, and CSR to increase their productivity and reach their full potential. More information is available at www.quomation.com.