Compare the Market collaborates with Addresscloud to power its home quotations journey

“Compare the Market is excited to enter into a multi-year partnership with Addresscloud to transform our home insurance journey by reducing the number of questions our customers have to answer.” Chris King, Head of Product - Home Insurance, Compare the Market

The never-ending question set

Obtaining a home insurance quotation is still considered a tricky and onerous task, one that requires a seemingly endless set of questions to be completed. Often the homeowner doesn’t know the answers to many of these questions, for example how old is the property, is it listed or how far is it to the nearest water body?

Yet these and a myriad of other questions all form a core part of the insurer’s assessment of the risk the property poses and ultimately helps establish the premium they will charge the homeowner. So all these questions must be completed to the best ability of the homeowner, but often this is not always possible due simply to gaps in their knowledge about the property.

The customer need

In the world of price comparison sites, speed, service and pricing are everything, and Compare the Market recognised that being able to prefill these endless questions with accurate and reliable property information and doing so at speed would bring endless benefit to their customers and to their own business.

Compare the Market wanted national property information on a wide range of features such as property age, type, rooms, listed status, and distance to water amongst many other features but more challenging they wanted this delivered as a service and one that was cyber resilient, scalable and fast. Following many months of extensive market testing Compare the Market selected our API Platform to power its new home quotation journey.

“The key objective is that we help our customers get their quote right and spend less time doing so, allowing customers to spend more time on the things they really enjoy doing and less time on “home admin”. There’s still a lot of questions asked in Home insurance quotes and some of them can be pretty tricky, the Addresscloud data and services really will help us deliver a better service for our customers.” Chris King, Head of Product - Home Insurance

The solution

A new multi-year collaboration will see Compare the Market use our property information API to pre-fill their home insurance question set and will also see us process Compare the Markets’ own property data to deliver an enriched set of services to further improve their customer’s journey.

Our API driven platform met all the key requirements for Compare the Market, being able to deliver accurate and wide-ranging property information via a tested and trusted API service. Our Platform has been built on the latest Amazon web services and is totally serverless, so we can meet all the demand volumes required by our customers and perform this at speed and with total reliability. Our services have never been down in our 6 years of operation.

Our property data is unrivalled, and this made all the difference to Compare the Market. By combining property data from unique, respected, and validated sources, such as Land Registry, Ordnance Survey, NHBC, and the UK’s leading home valuation database we are able to provide up to date property information including data sourced from over 50 million valuations per year. Combining that data with our internal spatial and contextual modelling algorithms we are able to deliver an intelligent property information database to end the endless question set filling for insurers.

“This latest collaboration with Compare the Market is a huge endorsement of our approach, our culture, and our API technology to deliver a world class service to enable a modern customer-centric service and improved customer journey. By adopting our API services, Compare the Market can now respond to changing customer needs in a more agile manner, offer new products and services simply by reconfiguring or calling additional API services and can ultimately deliver an improved customer experience” Alun Jones, Chief Commercial Officer, Addresscloud

About Addresscloud

Addresscloud is a trusted leader in location and risk services providing accurate, fast and scalable address matching, geocoding, perils and property information to the insurance, logistics and property sectors. Combining the very best open and commercial data from trusted sources with its proven and scalable cloud technology Addresscloud enables better business decisions to deliver improved customer results.