New Version Facilitates More Accurate Benchmarking, Provides Competitive Advantage to Clients; Enhancements Include Exponential Increase in Data Resources and Improvements in Analytics
SAN DIEGO, April 19, 2004 – Advisen, Ltd., the leading provider of information, analytics and benchmarking for the commercial insurance industry, today launched Version 3.0 of its industry-leading information platform for insurance professionals. The New York-based company, which currently serves over 200 leading risk management organizations, insurers and insurance brokers, unveiled the product at this week’s RIMS 2004 Annual Conference and Exhibition in San Diego, Calif.
Version 3.0 of the Advisen platform offers a significantly enhanced Advisen Benchmarking program which, for the first time in the marketplace, allows users to create custom peer groups against which they can benchmark premiums, limits, retentions, rate per million and other categories. Peer group selection criteria include industry, revenue, market capitalization, profits, geography, policy year, coverage type and program characteristics. With past versions, clients could only select from a handful of pre-defined peer groups by industry and revenue, but now they can more precisely use real-time market data to compare program coverage features and cost of insurance. These increased capabilities supplement existing measurement functions, such as Chart-Your-Program and Policy Comparison.
The new version of Advisen’s platform also significantly increases the number of companies in its database to 1.2 million—nearly triple the number previously available. Advisen offers detailed analysis on 66 industries and has particular, unique data on the individual companies in Private Equity, Healthcare, Banking and Insurance industries. Across all industries, Advisen brings unique company data, such as Credit Scores, Legal Data, Corporate Governance Reports, 5500 Benefit Plan Filings, in addition to standard information, such as News, Financials, Securities, Executives and Company Relationships.
Finally, Advisen Version 3.0 has a new configurable template system that allows underwriters to develop customized analytics, data and forms. The templates can be downloaded into management reports and integrated into existing software infrastructures leveraging web services.
”We continue to expand and refine the Advisen platform not only to give insurance professionals the most in-depth information relevant to this market, but also to give them the tools to convert that information into insightful and actionable business decisions,” said Tom Ruggieri, CEO of Advisen. “We now serve over 200 of the industry’s leading underwriters, brokers and risk management organizations, and this additional information and new toolset will enhance our existing clients’ experience and attract a host of new organizations hoping to leverage information to improve their business.”
Advisen continues its expansion of breakthrough research and editorial analysis on the cutting-edge topics in the Risk and Insurance industry. Recent publications include briefings on shareholder derivative suits, the impact of the mutual fund scandal on the insurance industry, and the medical malpractice insurance crisis, as well as the first installments of a new Advisen series, Market Perspectives, that captures the insights of industry leaders on topical issues. Ad hoc research is becoming a bigger part of the Advisen service, providing customers with access to information and analysis previously available only through the research units of major brokers and insurers. Recent research projects have covered issues ranging from flood risk in Hawaii to the demographics of the Bermuda insurance market to the exposures of school bus operators.
The new version of the Advisen platform is available immediately; additional features will be released as available. All existing Advisen clients are automatically upgraded to the new version, with no additional fees or maintenance charges.
# # # #
About Advisen
Advisen Ltd. offers strategic information services to the global commercial insurance industry, combining comprehensive market data with proprietary analytic and benchmark modeling software. Advisen serves hundreds of the world’s leading insurance companies, brokers and risk managers by providing a systematic perspective on writing, marketing and purchasing lines of commercial insurance.
