Keep your finger on the pulse. Track the response of the insurance market
and your competitors in response to the general insurance
pricing practices (GIPP) policy implementation.
The GIPP Performance Tracker is a tool to help insurers understand how the insurance market is changing in response to the general insurance pricing practices (GIPP) implementation.
Following the FCA's General Insurance Pricing Practices directive, we are about to embark upon a significant shift in which we will see the eradication of price walking, the removal of loyalty penalties, and insurers competing harder than ever to not only attract but more importantly, retain customers.
The GIPP Performance Tracker provides you with the ability to track changes across the insurance market and help inform your product proposition and pricing strategy in response to GIPP.
In the form of a report, you'll be able to track the response of the market and your competitors across the following key levers:
Identify which pricing strategies your competitors are implementing
Understand your pricing performance against the market and your peers
Monitor and identify opportunities to increase your quotability
Gain a view of how key competitors are changing their footprint by age
Build a deep understanding of how the market is changing and evolving
Access historical trended data to understand how the market has changed
Adapt your approach to product development
Make confident decisions based on accurate data
Who is it for?
Whether you’re responsible for monitoring how the market is evolving post-GIPP implementation, ensuring your pricing strategy remains competitive or to understand what competitors are doing in the pricing space, the GIPP Performance Tracker will provide you with the data and intelligence you need to make confident and informed decisions.
How does it work?
The GIPP Performance Tracker is delivered in the form of a report that pulls on the six key levers identified above and tracks these data sets to help inform your pricing strategy in the new world.
How can it help me?
The GIPP Performance Tracker will allow you to keep your finger on the pulse by tracking how the insurance market and its players respond to the general insurance pricing practices (GIPP) directive implemented by the FCA come January 2022.
With a view of where you sit in the market and against your peers, you can identify a clear set of actions that allow you to compete on more than just price.