Leading insurance market insight business Consumer Intelligence is expanding its support for home and motor insurance clients with the launch of daily price benchmarking. The data could be useful for many insurance brands looking to see what the average premium might be in particular sectors, although a multiplicity of data sources from consumers allows insurers much greater personalisation of quotes now. Here’s the word;
Clients will be able to optimise their pricing and competitive position in the moment and be able to identify opportunities to support new customer segments through Consumer Intelligence’s daily price benchmarking.
The group, which works with the majority of the UK’s biggest insurers as well as brokers, aggregators, data agencies and other financial institutions, has developed the system to enhance its insurance market insights by offering clients a wide range of metrics including price movements and changes in competitiveness.
Ian Hughes, Chief Executive of Consumer Intelligence says: “At the heart of Consumer Intelligence is the need to build confidence in financial services. In the past 20 years we have seen a huge collapsing timeframe. Quarterly, monthly and now daily insight is required to reflect the changing needs in the market. Daily price benchmarking allows our clients to see the world through the eyes of their customers, better than ever before. They can react and support their customers in the moment, and they can do it easily through a dashboard that is specific to them and their requirements.
“It is a very exciting time at Consumer Intelligence and with the regulatory changes coming in it is an even more interesting period to make real positive change in insurance.”
Clients can now create their own dashboards showing headline metrics including average premiums as well as the top 1% and 5%. These metrics enable clients to track their brand overall, and to compare by peer group, segment, and price comparison websites.
Another new feature is a table breaking down the consistency of pricing across comparison websites.
The service includes a league table of all providers for competitiveness and the ability to select segments such as age and no-claims discount. There is also a ribbon chart which tracks price comparison website wins, as well as unique offers and incentives.
The benchmarking shows pricing consistency as well as core metrics over time and the specific amount of change.
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