What you need—and what is being used in many, many industries—is business intelligence technology.
Pleasanton, CA (PRWEB) October 17, 2016
Quadrant Information Services, a leading supplier of pricing analytics services to property and casualty insurance carriers, has announced the introduction of Periscope, a new business intelligence tool designed to provide industry executives with a qualitative approach to competitive analysis. Playing off Quadrant’s traditional strength in competitive pricing analytics, Periscope delivers a written, qualitative summary of the salient points discovered in a data search. “Basically,” says Quadrant CEO Michael Macauley, “it puts you inside the head of the competition.”
Quadrant has long been known for its leadership in data technology for the property and casualty insurance field. “Until now, we’ve only provided quantitative reports—our competitive pricing information for actuaries,” said Macauley. “We still do that, and will continue to do so; our cloud-based pricing tool, InsureWatch, is regarded by many agencies and carriers as a must-have tool. However, our clients are telling us they need more than just numbers.”
Specifically, carriers have asked for help in three areas:
- Market Intelligence: Analysis that leads to better and more targeted marketing among known and established client bases. It is, of course, essential to know how a given competitor is pricing a given product—but it would be even better to understand why this competitor is approaching the market in this manner.
- Business Expansion: What, beyond the bare numbers, does competitive pricing tell us about ways in which we can generate new business?
- Speed: Today, competitiveness demands agility, which, in turn, demands the ability to make fast—and accurate—decisions. To do that requires not merely data but understanding: what is being looked at? The more quickly it’s known, the better a business can be run.
To provide such understanding, Quadrant believes that along with premium data, other information is needed, as well: how a competitor’s rate is structured; what variables are involved in rating; whether the competition is using univariate or multivariate rating; how the competition assigns a tier to a policy; what other types of discounts are introduced; and other salient data points.
And getting back to speed of decision-making, once past pricing to the underlying data, designating which pieces are important and which aren’t is no small matter. A single automobile policy rate can be based on 160 or more separate components; if an insurer is tracking 30 competitors, that’s nearly 5,000 variables. It could take days for an insurer to compare spreadsheets and isolate the relevant components of a single rate change, and yet more days to work out its response.
“You don’t have time for that,” said Macauley. “Nobody does. What you need—and what is being used in many, many industries—is business intelligence technology. You need a tool that on the back end can crunch the data and isolate meaningful patterns, and on the front end can deliver its findings in such a way that executives can use them as the basis for action. It’s like driving a car; you don’t want an instrument constantly telling you that the oil pressure is X pounds per square inch at Y degrees. Of course there’s oil there; it’s a car. The same holds true for most of these thousands of data points. Of course they’re happening; it’s an insurance policy. What you do want to hear about are things that alert you to hazard or present you with opportunity.”
And that is what Periscope is designed to do. Working with leading national carriers, Quadrant has developed a tool that takes in hundreds of thousands of data points and provides—in plain English—a written, qualitative summary of the data so that a carrier can know what the competition is doing and what they, themselves, can do better.
As the property and casualty insurance field becomes more complex and more and more competitive, the need for executives to make crisp, fact-based decisions is only going to grow. Per Macauley, Periscope will help them make such decisions, and it’s a logical—and important—extension of what his company has been doing for the past 25 years—helping insurance companies prosper by finding the right customers.
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—which include all the major insurance carriers in the United States—the data they need in order 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, including 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.