Markerstudy commits to five more years with RDT
Markerstudy Group has renewed its agreement with leading insurtech provider RDT to continue using major elements of RDT’s Atlas platform for a further five years. The insurer is also in the process of migrating additional lines of business to Atlas.
Markerstudy has used RDT’s administration solution Landscape since 2009 and its centralised rating hub Equator since 2014. The two solutions are the largest components of RDT’s fully serviced platform Atlas. Since implementing Landscape, Markerstudy has grown enormously, with fewer than 40 users in 2009 and more than 1400 users today. After going live with Equator the insurer’s loss ratio fell by several percentage points, while instances of application fraud dropped by 60 per cent.
Markerstudy’s Group Underwriting Director Gary Humphreys said: ‘We’re delighted to be confirming our continued commitment to RDT. Our strategy for growth focuses on technology – to improve the customer experience and our internal processes – and we invest heavily to ensure we are at the forefront of insurtech advancements. RDT understand this desire, and have proven to be an equal partner in supporting our aspirations.’
RDT CEO Mark Bates added: ‘RDT is proud to have been part of the Markerstudy story. Few insurers embrace the use of technology in the way that Markerstudy has done, which makes them a key partner for us. We are delighted in the faith shown in us, and to be continuing what has always been a challenging, rewarding and fun-filled journey.’
Meanwhile Markerstudy has launched a program to migrate additional business lines to Landscape from the incumbent i90 system. The migrations will reduce costs and provide a unified administration system for Markerstudy’s claims. The first migration, planned for the end of March 2019, will be from motor insurer Geoffrey Insurance, when all policies and claims will be moved to Landscape. Most remaining lines of business are planned to be migrated over to Landscape later in 2019, including agriculture, family fleet, commercial fleet, motor trade, commercial property and general liability.