Competitive Analysis Practices in Personal Lines Insurance
Our new market survey shows that investment in competitive analysis in the insurance industry is on the rise.
The infographic can help insurance executives and pricing professionals understand how companies across the industry analyze competitive information and how this information is being used.
Key findings from the survey include:
- Close to half of the companies surveyed (42%) have a dedicated competitive analysis team; the larger the company is, the more likely it is to have a dedicated team.
- Regardless of company size, the effectiveness of competitive analysis efforts is perceived to be higher when companies have a dedicated competitive analysis team.
- Comparative rating vendors are now the primary source for obtaining competitors’ premium data, used by 87% of the companies surveyed
- And many more…