The new platform will provide real time metrics on price movements and competitiveness, says the market intelligence firm
Market intelligence firm Consumer Intelligence has launched a daily price benchmarking service for home and motor insurers.
The move comes as part of the firm’s move to provide additional data and support to the insurance sector as changing market conditions mean insurers are often adjusting their pricing strategies daily.
Users of the new benchmarking service will be able to optimise their pricing based on real-time data and identify opportunities to expand into new customer segments, according to Consumer Intelligence.
Included in the benchmarking data are price movements and changes in competitiveness, alongside other metrics.
Consumer Intelligence’s clients will also be able to create their own data dashboards to show headline metrics such as average premiums and to track their brands across segments and price comparison websites.
Building confidence
Ian Hughes, chief executive at Consumer Intelligence, said: “At the heart of Consumer Intelligence is the need to build confidence in financial services – quarterly, monthly and now daily insight is required to reflect the changing needs in the market.
“Daily price benchmarking allows our clients to see the world through the eyes of their customers better than ever before, they can react and support customers in the moment and they can do it easily through a dashboard that is specific to them and their requirements.”
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