IVANS Introduces Industry’s First Premium Benchmarks
May 12, 2020
IVANS Benchmarks to provide data-driven insights on commercial and personal lines premium pricing
TAMPA, Fla. – May 12, 2020 – IVANS®, a division of Applied Systems®, today announced the launch of IVANS Benchmarks, the insurance industry’s only data-driven premium benchmarks. IVANS Benchmarks provides insurers with premium benchmarks to support price optimization and increase win rates.
IVANS Benchmarks are artificial intelligence and machine learning-driven data insights on personal and commercial lines premium benchmarks. Powered by the most comprehensive dataset in the insurance industry, IVANS Benchmarks enables insurers to assess the competitiveness of their pricing against the range of industry premiums for similar businesses.
IVANS Benchmarks provides analysis on:
- Market Opportunity: Provides insurers data-backed market intelligence when determining specific markets, products, and target segments to prioritize growth opportunities.
- Competitive Pricing: Shows insurers how their commercial lines products pricing strategy compares to industry premiums to determine likelihood of winning a quote or potentially losing a renewal on price.
- Quotes and Renewals: Enables insurers to compare quotes or renewals on a range of percentiles to raise close rates for new business and make data-driven decisions for remarketing renewals.
“Insurers have historically struggled to understand the commercial competitive pricing landscape when assessing new markets, products and pricing due to the lack of data-driven insight,” said Brian Wood, VP of Data Products Groups, IVANS Insurance Services. “IVANS Benchmarks harnesses the power of AI, machine learning, and the industry’s most extensive data set to provide insurers the competitive data insights they need to better compete in new markets, increase renewal rates and drive stronger policy conversion.”
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IVANS, a division of Applied Systems, is the insurance industry’s exchange connecting insurers, MGAs, agencies, and the insured. IVANS cloud-based software automates the distribution and servicing of insurance products. For more than 35 years, IVANS innovation and expertise has connected 32,000 independent insurance agencies and 430 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.
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