Insurance Benchmarking

Competitive advantage is not easy to achieve. Nor is the market operating in a vacuum. Whether its pricing strategy, conversion optimisation or claims delivery, all performance is relative. Insurance benchmarking is the practice of comparing your key performance metrics with industry peers or similar operations, providing external reference.

With our background in price comparison data aggregation, we understand the transformative potential of gathering measurable insight across the value chain, and how it can be used to enhance performance. The desire to obtain and maintain a competitive edge in insurance, and indeed any industry,  means keeping a constant eye on the market and changes ahead. Factors are changing both internally – products, prices, resource, systems – and externally – regulatory, economic, consumer behavior and competitors.

So whilst drawing on performance reviews of KPI’s and customer feedback, finding external reference points can ensure that internal and external factors are a key part of the continuous improvement process and the drive to keep ahead. 

 


Price Benchmarking

Our price benchmarking tools give you a uniquely comprehensive understanding of market pricing behaviour within the general insurance industry. Using brand visible data, it contains actionable insight which will enable you to make informed decisions around pricing strategy, based on your current competitive position across the whole market including aggregators.

 

Service Benchmarking

In benchmarking your service departments such as the call centre you will need to look at the performance of those who operate around you in the market place, understanding where you sit and how you compare. Whilst knowing your own average handling time, customer service scores and other key measures is crucial, seeing how you compare to others around you gives a complete picture.

 

Performance Benchmarking

Based on data from almost 50,000 consumers spanning almost a decade, we can help insurance brands understand how to improve retention rates by improving customer engagement. From service to trust, we understand which levers to pull, because we know why consumers leave, and why they stay. We will get to the root cause of your retention challenge – and help you address it.

 

Renewal Notice Benchmarking

Consumer Intelligence have a panel of 3,600 market representative real risks from our Viewsbank research panel where we collect real renewal notices, compare and benchmark them against our 10 point assessment criteria to help insurers drive retention and improvement customer engagement therefore positively impacting the bottom line.

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Call Centre Benchmarking

With the rise of price comparison websites, many in the insurance world predicted the call centre would become a thing of the past when it came to selling insurance policies. But while the aggregators have grown from strength-to-strength over the last decade, call centres have remained the second most popular way that shoppers get quotes.

This means that call centre agents need to be able to adapt to and manage a wide variety of consumers, with many different reasons for calling and various policy requirements. All of this requires constant analysis of your call centre performance and consumer agent behaviours, as well as a tailoring of calls to meet customer needs and a plethora of regulatory and compliance requirements.

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 Insurance Benchmarking Toolkits

 

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Market View (Pricing)

Market View gives you a uniquely comprehensive understanding of market pricing behaviour within the general insurance industry. Using brand visible data, it contains actionable insight which will enable you to make informed decisions around pricing strategy.

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Service Watch

Service Watch is the only independent monitor focused on insurance contact centres. We provide an independent view of the customer experience through your call centre, benchmarked against the market to enable you to maximise efficiency and effectiveness.

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Insurance Behaviour Tracker

Insurance Behaviour Tracker (IBT) is the most comprehensive insurance focused consumer survey in the market. It provides insight and understanding of consumer behaviour throughout the renewal process, giving you a view of market trends, and brand performance. 

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 Resources

 


Benchmarking Articles

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Empower your organisation to survive and grow in a competitive and fast-moving market. In this paper, we explore the current best practice in insurance pricing and give you some guidance about where the industry is about to go next.

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Download our report that draws on our experience in the insurance sector and examines the areas that we know really matter when selling insurance over the telephone - efficiency, service, effectiveness, brand and compliance.

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Insurance Benchmarking Experts

Consumer Intelligence is a market benchmarking, insight and data analytics company specialising in Insurance and Financial Services. We work in partnerships with our clients to help them create and protect distinct relationships with their customers through our unique combination of market and consumer insight. We do this because we believe that companies who fixate on customer satisfaction will survive and grow. We have over 14 years’ quantitative and qualitative research experience and the insights we gather enables our clients to benchmark themselves, better understand their customers, and help attract new business.

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