The core purpose of the InSight suite of competitive analysis tools is designed to assist P&C insurance carriers generate data in order to better understand their markets and business.  These solutions are dedicated competitive analysis products - not a hybrid outgrowth of an agency comparative rater. 

The InSight suite of tools consists of the following:

InSight - Competitive Rating Software

Rate Analyst - Rate Modeling for Proposed Rates

These industry leading solutions are founded on three core technologies: a unique Rate Programming Language, Self-Contained Quote modules, and the Rate Processing Engine. 

InsurQuote  has developed a proprietary Rate Programming Language specifically intended for rating the P&C markets.  This language affords the opportunity to adapt the products as the need dictates rather than being constrained by third-party software limitations.

Each individual rating plan is a Self-Contained Quote Module.  Each of these plans are created separately in order to provide the necessary element of control needed to produce the highest level of accuracy possible. 

The Rate Processing Engine has the ability to rate a large number of quotes for any number of companies in an extremely short amount of time.  The traditional InSight product has been benchmarked at quoting on average, 20 quotes a second.  The Enterprise version of InSight has been benchmarked at quoting 2,000 quotes a second.  With this type of production, the speed of this engine is unparalleled in the market today. 

As you can imagine, these core technologies provide a well established foundation for an integrated suite of competitive analysis products to assist insurance carriers with their competitive analysis goals.  With this type of power and sophistication, projects that used to take weeks and months can now be performed in a matter of hours and days.

PRODUCT MAP

The following diagram depicts the structure and flow that is used while utilizing the InSight suite. The traditional InSight product is a combination of Quote Routines, State Definitions, the Engine and the User Interface.  The user interface in InSight allows you to select the companies, risks (policy information), modifiers, and outputs that will be used within your analysis process.  The Rate Analyst piece is used to create experimental Rate Revisions which can be imported into the InSight product as a separate quote routine.

Once your analysis process has finished it will generate either a CSV output file that can be opened within a spreadsheet application.  InSight also contains the option to directly output to a Microsoft ® Access* database.

Once the data has been generated and opened within the desired application it becomes the source that will be used as you produce your various reports and charts.  If your strengths do not include crunching numbers, InsurQuote also develops automated Market Reports that can be generated from within the InSight product.  For example, once you input the necessary details of your process, InSight will generate instant reports complete with pivot tables and charts.  The InsurQuote staff is also very knowledgeable pertaining to competitive analysis and have aided many top carriers and consulting firms conduct various types of analysis through their support services. 

INSURANCE APPLICATIONS

Specifically the InSight suite of solutions are designed to assist insurance professionals make better decisions.  Each InsurQuote client has a different purpose for using these tools.  Some of the clients use the products to provide field reps with market data while others are using them as a ratemaking tool.  Here are some of the ways that our clients are utilizing the InSight suite:

• Market Basket Analysis

• Segmentation Analysis / Pricing Sophistication

• Ratemaking / Current Leveling

• Book of Business Studies

• Off Balance / Disruption Analysis

• Relativity Studies

• Territory Boundary Maps

• Agency Analysis

If you are looking for solutions to assess the vulnerability to your competitors, improve the effectiveness of proposed rates, identify how your competitors are segmenting your market, then InsurQuote has the tools for you.