Insurance market pricing insights

We are excited to announce the launch of our latest pricing insights solution for the Pet insurance market. Following the success of our Home and Motor price trackers, we have worked hard to develop the same great level of insight for the highly competitive pet market.

62% of UK households are now estimated to own 1 or more pet, up from 41% in the year 2020* therefore Pet insurance is providing a growing opportunity for many insurers.

This in turn means that pet insurance pricing tactics are growing in sophistication. Gone are the days when pricing was purely focussed on the animal in question. Now, location and owner characteristics are providing more accurate risk predictions and insurers are starting to consider data enrichment and other supplementary information to improve targeting.

Our new pricing tracker for the Pet insurance market provides comprehensive insight into pricing via the top  comparison sites. We use a large panel of 2,500 real people and their pets to generate daily quotes via the comparison sites. This provides you with a highly accurate and broad overview of how your pricing stacks up vs your main competitors.

Our reports allow you to understand:

• Your position relative to your key competitors
• Trended views of both market and competitor price movements
• Changes in competitor footprint
• Comparison of both propositions and price
• How the question sets/mapping of the different comparison site impacts your position and performance

For more information please get in touch with Insurance Pricing Director – Stephen Kennedy.

[email protected] or +44 (0) 7508 028822

*(Statista – Pet ownership in the United Kingdom (UK) 2011/21-2021/22)

To become more agile in your market, tap into daily updates of real-world prices

As pricing practitioners – not just data providers – with a wealth of insurance pricing experience, our consumer panel solution insights are designed to be more appropriate and more relevant for what insurance pricing teams need.

Our data and reports have been developed from an insurance provider’s perspective, working in close collaboration with our insurance clients.

Our solution allows you to continuously monitor changes in competitiveness based on which insurers or brokers have moved prices, when, how often and to what extent. This provides accurate, daily market price tracking, enabling greater trading agility and more informed pricing decisions.

We run quotes daily through all the major price comparison websites to provide intra-day price movements and insights into market pricing changes and how these impact your performance.

We use real people’s actual risk details to ensure prices returned are genuine and specific to that individual. We do not use any made-up profiles or adjust any of the factors that may influence price.

We regularly refresh our panel members to take account of aging and to maintain a representative view of the markets we are operating in. These measures ensure that our daily price movements are on a like-for-like basis.

We also conduct on-going analyses of the data to make sure that observed price movements are genuine and not affected by collection processes, velocity rules, anti-fraud measures, or other pricing anomalies. Our extensive experience as insurance pricing practitioners means we are ideally placed to be able to identify unusual movements, and remove outliers.

Our easily accessible online portal provides access to a wide range of reporting. The configurable, interactive reports allow you to select specific insurers, view different date ranges, change comparison websites and look at them individually or collectively.

Here are some of the reports our data provides:

DAILY VIEW: quickly benchmark previous day market movements.

COMPETITOR PRICING ACTIVITY: drop down menu allows selection of any insurer who returned a price that day. Can be viewed by brand or by insurance group.

BIGGEST MOVERS: see how the market has changed based on biggest movers.

SEGMENTED VIEWS: by key pricing factors. Assess if changes are targeted or across the board.

WEEKLY TOP POSITIONS: relative competitiveness (number of top positions in the week). This is also provided by comparison website and allows understanding of your own and competitor top positions and in which segments.

TOP PERFORMERS: portal can be set to look at top 1, top 3, top 5 etc. Who is most competitive, how this is changing over time and your competitive set.

PRICE TRACKING: longer-term price tracking and quotability over time by segment.

FEATURES AND TICKS: as well as price, we can look at other features: level of excess, additional ‘ticks’ (breakdown, legal, personal accident, replacement car, emergency, etc) to compare benefits and establish relative competitiveness.

SCENARIO MODELLING: how a price change of x% across the board might affect overall competitiveness based on top position impact. Also modelling ‘Left on the table’ and ‘Beaten by’ allows a view of your top price versus competitors, and assessment of price optimisation effectiveness over time.

QUOTABILITY: tracking brand specific footprint changes

We sometimes hear that insurers aren’t ready or don’t have the right structures and processes in place to make use of the insights our consumer panel solution can provide. Our experience of insurance pricing, capabilities, teams and governance means we can help you embed the data and reporting into your ways of working to improve your pricing agility.

Through a series of interviews, workshops, and coaching sessions we will help you identify what you are doing well, how to leverage opportunities in terms of agility, your team’s ways of working, the processes, systems, tools being used and the governance in place. Real-time data is important and helps inform better and quicker decisions, but the right infrastructure needs to be in place to support more streamlined price change recommendation, approval, testing, deployment, and impact reviews.

We have a diverse client base, ranging from the most agile trading organisations to more traditional insurers. Our insights help each to identify competitor pricing strategies, track testing and promotional activity, understand trends, predict where prices are going, and benchmark value propositions.

Depending on the type of organisation, our data and reporting can be used in different ways:

STRATEGIC MARKET MONITORING
A strategic approach to monitor market movements over time, that can generally be achieved through weekly or monthly reporting. This helps to inform forecasting and internal planning activities based on price movements, competitor footprint changes, differences in product features, excess levels, and differential pricing across channels. It also enables tracking of price optimisation effectiveness, and scenario modelling.

AGILE TRADING SUPPORT
In addition to the above, for more agile insurers and brokers, our daily reports provide real-time tracking of market movements: what happened yesterday, which competitors moved, how those moves have driven the overall market, and how they may have impacted performance. This is crucial insight for providers operating on comparison websites, where multiple changes can be observed daily.