Consulting and actuarial firm Milliman announced the availability a competitive intelligence tool for insurance companies last week called Pixel.
According to Milliman, Pixel is a web-based, interactive platform designed to give marketing executives, product managers, and actuaries a comprehensive and customized view of the market.
“Our clients want to know where they are vulnerable to the competition and how to position themselves to grow their book. Pixel allows company management to base decisions on a portfolio view of competitiveness, rather than on limited anecdotes from agents,” said Milliman Principal Nancy Watkins.
In a statement, Milliman said that Pixel works by applying “data visualization and machine learning techniques behind the scenes, in a tool that “analyzes premiums for a given company relative to the competition.”
According to a product brochure on Milliman’s website, Pixel is a competitive tool for personal lines. Competitor price variations visually represented by colored dots on a map, and arrayed in bar chart are illustrated on sample screenshots in the brochure.
Users can filter markets by geography and type of risk, and drill down into the variables that most impact their competitive position, Milliman said. The firm also noted that outputs presented in user-friendly datasets, charts, and maps can easily integrate with other software.
Milliman suggests that the information is useful not only in setting premiums, but also in arming agents with useful information and for supporting the regulatory process.
Source: Milliman, Inc.