Benefits
The LexisNexis® InsurView® platform provides insurance carriers with instant access to aggregated underwriting transaction results data. InsurView leverages the processing power, data expertise and security of the LexisNexis® Risk Solutions data center and the insurance analytic staff.
Until now there has never been an appropriate source of information to allow carriers to know how their pricing, marketing and distribution functions are performing relative to an accurate industry benchmark. InsurView allows carriers to understand how the remaining portion of the market they don't serve is performing.
InsurView provides the following data:
- Aggregated information on the industry updated regularly throughout the year to understand trends as they are happening to allow insurers to react much quicker than ever before.
- Market baskets of industry quotes rated across the top carriers in the industry. This information allows clients to understand their competitive position on their quoting population and to indentify segments they are not reaching but are competitive.
- Industry level information that allows carriers to identify whether they are getting their fair share of the market. For example, are Carrier X's minimum limits overrepresented or underrepresented?
InsurView can also be used to host clients' own data:
- Client data will be hosted in a secure environment.
- Client data, combined with key industry data, creates even more analytical power.
- Combined data allows clients to know what population is seeking quotes, what portion of such population the carrier sees, how they compete, how profitable they are and how the market responds to their marketing messages.
InsurView empowers the end users to:
- Further segment marketing strategies to identify geographic areas and segments that are producing the most quotes in the marketplace.
- Identify the geographic markets and segments that are most active so that messages can be customized to those already shopping vs. those that need to be inspired to shop.
- Measure and monitor sales activities to gauge which agents and/or channels are over and underperforming.
Get it now: For more information about LexisNexis® InsurView®, call 800.869.0751.
Features
InsurView is an enterprise-wide tool that can be used across multiple departments within an insurance company.
- Product managers can track industry trends and distributional changes over time to shorten the underwriting cycle.
- Marketing and advertising managers can monitor quote activity to help direct marketing/advertising initiatives and evaluate the effectiveness of marketing/advertising strategies.
- Pricing specialists can identify the competitive position for those individuals actively generating quotes in the industry and incorporate this information into pricing decisions to optimize conversion rates.
- Sales can quantify industry quote activity and competitive position to monitor and normalize sale results.
- Finance departments can utilize benchmark statistics to facilitate better annual planning and results monitoring throughout the year.
- Clients can log in to view summarized reports, charts and graphs driven by the order and results transactions corresponding to the client's underwriting transactions.
- InsurView offers a highly functional feature set coupled with a very powerful OLAP engine performing complex calculations on millions of records in a matter of seconds.
Get it now: For more information about LexisNexis® InsurView®, call 800.869.0751.
