GIPP implementation - shift in dynamics of market pricing
GIPP implementation has shifted the dynamics of market pricing and the certainty of existing models. Customer behaviour is changing and while you can see your own renewal data, it can be hard to truly interpret without knowing how competitors are performing. Direct comparison is difficult due to differences in business mix, and pricing indexes do not capture how a renewal customer reacts to a particular price.
How does the Renewal Outcomes Benchmark help?
The Renewal Benchmark is the only platform that uniquely captures real customer behaviour to prices at point of renewal. The insights are based on millions of real renewal transactions, sourced directly from insurers.
Our solution enables you to profitably optimise the trade-off between price and retention rate. The platform provides a real market view of your retention performance and pricing relative to competitors, across risk segments. It helps you identify key trends and navigate volatile market conditions.
How does the Renewal Outcomes Benchmark work?
We provide an intuitive user experience with dashboards highlighting key trends and metrics. The ability to drill down and customise your analysis provides you with key metrics for your book of business. You can tailor to fit your business mix or investigate the performance of specific segments.
The renewal benchmark uses raw policy-level data to create benchmark retention KPIs, updated monthly. The underlying data captures real customer purchasing decisions on an individual policy level for millions of renewal transactions each month.
How does the Renewal Outcomes Benchmark add value?
- Authoritative, independent benchmark of retention performance
- Identify market trends, key changes, and track insurer and consumer responses
- Understand your own position and identify areas of under or over-performance
- Benchmark renewal prices for different segments, helping to calibrate your own internal renewal and pricing models
- Gain better insight into competitor strategies and best practice
- Monthly updates ensure an up-to-date view and allow you to respond to market changes as they happen
At launch, the Renewal Outcomes Benchmark covers over 20 brands across car and home, including some of the largest UK insurance providers.
eBenchmarkers works with over 100 retail financial services providers in UK, providing our clients performance insights across several business critical KPI’s.
