Under the partnership agreement, Insurance DataLab will undertake a benchmarking analysis to support Adiona’s regulatory application. The data will be split geographically covering both the UK and Gibraltar market, and will also include performance data on Lloyd's syndicates.
This insight will focus on underwriting results, solvency position, customer experience, and the complaints-handling performance of leading motor insurance brands.
Launched in London last September, Adiona will offer consumers a new type of motor insurance: an end-to-end, full-stack, digital-first approach delivered on a mobile phone.
Leveraging real-time secure driving data, Adiona customer premiums will be dynamically priced on how they drive, what they drive and the road conditions, rather than pre-digital demographic factors like age, income, location and occupation, the current model typically used within the insurance industry.
The high-quality data produced from this partnership, including Insurance DataLab’s own analytical insights, will give Adiona a unique understanding of the market and support its progress towards regulatory approval.
Insurance DataLab co-founder Dan King said: “We are delighted to be working with Adiona as it works towards its regulatory approval with the Gibraltar Financial Services Commission ahead of its launch in 2022.
“We’re helping Adiona to better understand the market and map out competitive advantages that can help it thrive in what is a very competitive marketplace.”
Adiona CEO and founder Paul Harvey said: “Adiona’s partnership with Insurance DataLab is focused on benchmarking analysis as part of our regulatory application, with our team using this vital data to further enhance our strategic positioning.
“The data is segmented in a way that offers a number of different use cases and it will undoubtedly further support our journey towards regulatory approval in 2022.”
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