We give insurance companies the information they need to see everything that is going on in their industry.
Pleasanton, CA (PRWEB) March 08, 2016
InsureWatch, a web-based pricing tool recently introduced by Quadrant Information Services, enables property and casualty insurance carriers to obtain highly accurate competitive pricing information in a fraction of the time formerly required. It was the first—and is still the only—pricing application in the industry to take advantage of the simplicity, speed, and enhanced computational power offered by cloud technology.
“When insurance companies want to use a report to analyze the competition and develop better business strategies,” says Quadrant CEO Michael Macauley, “they first have to create it, which can take hours or even days. In the process of creating InsureWatch, we asked our actuary clients which reports were most useful to them. Based on their input, we created a massive, instantly searchable database. All the user has to do is input the parameters they want to analyze and immediately download a pre-rated, pre-calculated report.”
This new capability is a significant benefit to companies operating in a rapidly changing, highly competitive environment. Quadrant’s clients provide personal auto, motorcycle, home, condo, renters, and dwelling and fire policies to individuals, on either the regional or national level, in all 50 states including D.C.
It is a crowded field; consumers in virtually every region have a wide selection of insurance companies to choose from, which means that insurers are engaged in a constant battle to stay competitive with one another. “And to win the right customers,” adds Macauley. “It’s a matter of evaluating the insurability and desirability of any given applicant for insurance in the context of both his or her history and background and of the dynamics of that particular region, category, or demographic market.”
To assist insurers in doing that, Quadrant provides pricing analytics solutions that help their insurance carrier users:
- Understand where they stand compared to their competitors.
- Based on that understanding, direct their marketing—where are or aren’t they competitive?
- Discover new opportunities, whether in terms of territory launches, expansion efforts, or in new areas of insurance.
- Obtain insight into their profitability.
- Identify their most profitable risks and see where they stand against the competition.
“We give insurance companies the information they need to see everything that is going on in their industry,” says Macauley. He notes that his company’s ability to provide that vital information has its basis in four key components of Quadrant’s approach to business. One is industry knowledge; a pioneer in insurance industry data analytics, Quadrant has been in business for nearly 25 years, over the course of which time it has worked with all the top insurance carriers in the United States. Its rate set library is the largest in the nation.
The second component, says Macauley, is accuracy. Its close ties to the industry, and the regard in which its trustworthiness is held, enables Quadrant to obtain 60% of its data directly from large national carriers. Quadrant’s detailed quality assurance process, combined with its partnerships with leading national carriers, allows it to deliver 99%+ rate accuracy. Third is customer service. “Our goal is our partners’ success—period,” Macauley says. “On request, Quadrant will provide unlimited hours of training and technical assistance.”
Finally, Quadrant’s unparalleled reputation for industry leadership is based on innovation. InsureWatch is the latest in a long line of new technologies Quadrant Information Services has provided for the property and casualty industry dating back to the early 1990s. New tools are in the works and will be introduced in the coming months. “As innovators in the field,” Macauley says, “we are constantly looking to reinvent the industry.”
About Quadrant Information Services:
Quadrant Information Services, headquartered in Pleasanton, CA, provides pricing analytics solutions for property and casualty insurance companies. Quadrant gives actuary, product development, pricing, sales, and marketing personnel at its client companies—who include all the major insurance carriers in the United States— the data they need to make accurate, data-driven decisions. An industry innovator since its founding in 1991, Quadrant has provided the P&C insurance field with a long series of technological advances, most recently InsureWatch, the industry’s first cloud-based pricing tool, which allows the user to produce unlimited combinations of reports with the click of a mouse. For more information, and to learn why Quadrant is for insurance companies that are tired of losing the right customers and winning the wrong ones, please visit http://www.quadinfo.com.