Advisen enables stronger placement negotiation and more accurate limit and price discussions with new Benchmarking by Insurer and by Layer and enhanced SIC code Benchmarking.
Demo and Focus Groups at RIMS Conference: Monday @ 1:30, Tuesday @ 1:00 or 3:00.
New York, NY (April 22, 2010) – Advisen, the leader in online commercial insurance program benchmarking, today released Advisen version 8.0 with new and enhanced benchmarking tools built on top of data covering more than 375,000 businesses (three times broader and six times broader than data sets from the two largest brokerage firms respectively). Advisen v8.0 allows users to quickly determine how price varies by insurance company and across custom peer groups, as well as distinguish by layer in each program.
Join Advisen at the RIMS conference, booth #1319 for a demonstration and focus group discussion around our new benchmarking module – a risk manager-oriented discussion will occur Tuesday at 1:00pm, and broker/carrier-focused discussions will occur Monday at 1:30pm and Tuesday 3:00pm.
Advisen starts with 1.5 million programs, more transaction data than any other collection, and then overlays more exposures values, such as an insured’s financial health, regulatory violations and litigation. Having created the most relevant peer group, users normalize their benchmarked program data with these unique exposure values to control for unique company attributes. Advisen v8.0 also easily allows benchmarking by SIC code so you can see data for just roofers or eating places.
Advisen v.8.0 builds upon the embedded value of Advisen’s Total Cost of Risk and Exposure Benchmarking tools to bring new visibility and transparency into the marketplace, enabling market participants to make more-informed program structure decisions. Now, using Advisen v8.0, any Risk Manager, Underwriter or Broker can quickly assess how one market compares to several others by price or rate online. “That changes the competitive pricing landscape and helps match the right market with the right risk,” explained Jim Blinn, Advisen Principal and Director of Advisen Analytics. “If you could easily determine the different markets’ approach to pricing for the same coverage and class of business, would that change your decision-making? We think the answer is absolutely ‘Yes,’ and we’ll be eager to see how different insurance companies use this new perspective competitively in the current soft market.”
Quantifying each layer’s price within an insurance program is no longer an impossible task as Advisen v8.0 allows for full layer comparisons. “Advisen has enough program data that we can help buyers and sellers identify the standard primary layer limit value for a given cover. Our Analytics team has built the capability to click a box and show program structures of each of the various layers,” emphasized Brad Feld, Advisen’s Director of Product Development. “The result is an increased granularity for buyers to compare full layer comparisons to their peers or for carriers to infer how each subsequent layer should be priced based on real transactions.”
Advisen v8.0 is being released to coincide with the annual 2010 RIMS conference in Boston. Advisen is proud to partner with RIMS in creating the annual RIMS Benchmark Survey™. Visit Advisen’s booth #1319 for a demonstration or join one of our showcase webinars by contacting [email protected]. Advisen’s Benchmarking tools are available online or offline. Advisen’s Book-of-Business Benchmarking studies to illustrate how your book-of-business compares to our aggregate data collection and determine where coverage gaps and opportunities may lie.
Advisen’s data, analytics and news offerings are game-changers for 100,000 commercial P&C professionals. For Underwriters, Reinsurers, Brokers and Risk Managers, the resources of Advisen provide productivity and insight into underwriting, marketing, broking and purchasing commercial insurance. Configurable applications allow Advisen to customize each solution and/or craft special offline delivery, too. Our result is a measurable increase in your book of business and more favorable insurance transactions. Visit us at www.advisen.com or contact [email protected] to learn more.
