What is Benchmark Analysis?
Benchmark Analysis utilizes insurance program benchmarking to show peer company premiums, limits, and retentions, limit adequacy, as well as rate per million.
How do you justify your renewal pricing and limits proposal? Benchmark Analysis is powered by over 4 million insurance programs across all lines and all industries for the US and Canada.
By pairing Benchmark Analysis with Loss Analysis, you can also gain access to detailed loss records to help your client determine the structure and scope of their insurance program.
What is changing in Benchmark Analysis?
Benchmark Analysis is being re-engineered and will be hosted within a new platform, along with Advisen’s other portfolio of products. It will support multiple internet browsers.
Your Benchmark Analysis user experience is being updated to include the following enhancements:
Search
| Enhancements | Benefits |
| Input parameters (company, industry, coverages, program) within a single page | Eliminate time spent clicking between multiple tabs |
| Implementation of NAICS industry classification system (2 or 3 digits) | Latest standard of industry classifications |
| Enhanced company search | Easy identification of parent and subsidiary companies |
| Create multiple benchmarks | Ability to pre-process multiple analyses |
| Peer group (pre-defined or custom ranges) built dynamically around available program data (w/ reference count displayed) | Avoid no results situations |
Output Analytics
| Enhancements | Benefits |
| Distribution charts updated | Easier to understand and explain to your clients |
| Limit adequacy chart referencing Advisen’s loss data included as standard feature | Allows you to view the losses alongside your benchmark program limit analysis |
| Ability to toggle between multiple analysis results within a single output page | Eliminates the repetition of building single analysis parameters after reviewing the output |
| Ability to run simulations on analyses to modify peer group or program information | Allows you to create “what if” scenarios based on your original analysis parameters (via a dynamic slider function) |
Reports
| Enhancements | Benefits |
| Each analytic from every benchmark analysis is automatically added to the report queue | You do not have to manually choose to include each chart |
| Ability to customize report output | An entire analysis or specific analytic can easily be excluded |
| Flexibility when generating final report | User can generate a client ready .pdf report or can select an editable output that allows for copying content into your own presentation style |
Request a Demo
Tell me more about Advisen’s Program Benchmarking capabilities. Request a Benchmark Analysis Demo Today!