Regional Carrier Solutions Discussing Scalable Solutions & Leveraging the Current Investment Through Expanded Uses by Discipline

Transcription

1 Regional Carrier Solutions Discussing Scalable Solutions & Leveraging the Current Investment Through Expanded Uses by Discipline Presented at the ISO MarketStance 2017 Client Conference May 11, 2017

2 Common struggles for regional carriers Big growth targets Limited resources Lack of analytic experience DOES THIS SOUND FAMILIAR? I need to grow small commercial by XX%. Where do I look? Do we have the right agents and appetite to meet that? Maybe we can have an intern work on that over the summer There s a guy in another department who likes data. Maybe I can borrow him, but can I afford to cost share that resource?! Competing priorities Budget constraints We are just starting to use raw external data, but find it confusing to get meaningful insights We have five strategies being worked for growth right now, but next week they could change. I know I need additional data, but my budget is tapped and there is no more room. 2

3 Where will growth come from? Growth Strategies ISO MarketStance Solutions Develop New Products Enhance Existing Products Target Organic Growth Increase New Submissions Appoint Focused Agencies Expand Geographic Footprint Adjust Appetite Develop New Products Enhance Existing Products Target Organic Growth Increase New Submissions Appoint Focused Agencies Expand Geographic Footprint Adjust Appetite 3

4 Resources are limited, but it has to get done Talent Time Budget LIMITATIONS AND STRAIN 4

5 David vs. Goliath Our company is smaller than most national carriers major business units! How can my team be effective with the limited resources we have, and be competitive in our targeted markets? 5

6 Empowering regional carriers with solutions to compete against national carrier resources EASE OF USE: ISO MarketStance s Insight solutions are designed to give regional carriers a competitive edge by delivering our data through an easy to navigate reporting platform that walks a user through the basic steps of the reporting process. CONSISTENT REPORTING: By delivering data through a onestop reporting platform that can size and segment the market, department heads in Marketing, Underwriting and Product Development can benefit from their teams to be working with the same core data, instead of numerous various databases, creating a holistic baseline for their analysis. REDUCED TIME SPENT ON PROJECTS: Regional companies share repeatedly that working in the ISO MarketStance databases allow their teams to complete projects in days or weeks rather than months when compared to working with clunky, difficult to navigate and interpret, raw data sources. 6

7 Overcoming analytic skill set limitations Client Services Support Basic Training Advanced Training MarketStance University Visualize Data Funnel Concept Rank and Score Template Reports Platform Functionality 7

8 Alleviating budget concerns through cost sharing Most companies who initially seek out ISO MarketStance s market intelligence data have an immediate need that they are looking to resolve, such as a project or objective, which requires actionable data with meaningful insights. By working with the ISO MarketStance team, regional carriers are able learn ways that they can leverage the subscription further by applying the same database to a range of disciplines within the organization, allowing for cost sharing within multiple units. Once carriers move past the itch to scratch that prompts the licensing of market intelligence, and develop an understanding of the versatility of the data, regional carriers can gain a tremendous competitive benefits relative to carriers with much larger analytic resources. 8

9 Maximizing the power of the data Sharing data with other departments empowers carriers with tight resources to maximize ROI by going from having a limited view of the market to gaining a full understanding of the opportunity AND hazards. Nearly half of the key contacts managing the MarketStance relationship reside in a Marketing capacity. Their goals are often centered around bringing new business into the company and managing a distribution channel. But what about the existing book of business? By sharing the data with other areas of the operations, carriers can understand historical performance issues and forecast segments of a book of business that may have bumps in the road ahead. 9

10 Embracing the versatility of data Since the data can be used to support a range of strategic and operational tasks, ISO MarketStance regularly works with regional carriers demonstrating common ways that the same data they license can be applied to enhance other activities in Marketing, Underwriting, Product Development, Actuarial and Distribution. Proactively Responding to the Book of Business Identifying Unhealthy Segments of an Appetite Strategic Planning Tactical Field Ops Targeting Organic Growth New Product Development 10

11 Expanding use into other disciplines These topics can be covered in a 90 minute high level overview or broken apart into detailed sessions focused on individual disciplines. 11

12 Distributing use across disciplines 100% 90% 80% 70% 60% 50% 40% 30% 20% Data Management Finance Strategic Planning Actuarial CAT Management Product Management Underwriting Distribution Research Marketing 10% 0% Key Contact User Most carriers will initially fill the named user seats in their subscription within their existing department. After understanding the versatility of the data, the distribution of named users will shift to support multiple operational goals. 12

13 Leveraging platform functionality To empower carriers with limited resources, both in terms of talent and time, dashboard solutions were designed among several ISO MarketStance products that allow carriers to gain actionable insights with limited work needed by the users of the platform. The Top 50 Dashboard, shown above, is included with all Commercial Insight subscriptions and allows carriers to quickly gain access to the top premium producing classes in their footprint, as well as illuminating class specific details. My Appetite Profiler, an addition to Commercial Insight, contains seven tabs of robust data visualizing the fit an appetite has in a carriers market through a range of essential dimensions. 13

14 Visualizing data for quicker insights Named users access the database through a reporting platform that is designed to facilitate ease of use through it s range of functionality and visualization capabilities. The data above and below represent the same information 14

15 Transforming templates into operational solutions Common Template Reports Often Include: Imported Appetite Filtered Territories Important Metrics (such as number of locations, premium potential and exposure growth trends) Template reports enhance operational activities such as: Territory Planning Annual Strategic Planning Target Market Evaluations Agency Growth Discussions New Product Development Creating template reports assist to provide a stable reporting environment where results are consistent from all users requiring the information. Custom designed templates can reduce time spent manually recreating important reports annually, or with each data update. By saving key filters and metrics, important ad-hoc projects can be replicated as mirror images, producing a baseline for expectations. This concept works well for geographic expansion and new product development initiatives, as examples. 15

16 Maximizing efficiency with templates Reducing the time it takes to generate insights, and analyzing everything at scale within the highly dynamic reporting platform, can ultimately lead to improved performance and more effective use of limited resources. Create and share actionable datasets faster using templates that are repeatable and help reduce the margin of error for mismatched filters vs building the same report from scratch over and over. Sharing templates in a shared folder allow users across the organization to replicate the same report at any time, on a moments notice. 16

17 For questions or to learn more about any of the concepts covered in this presentation please contact: Client Support: or This material was used exclusively as an exhibit to an oral presentation. It may not be, nor should it be relied upon as reflecting, a complete record of the discussion.

18 Speaker Biographies Betsy Plummer Sr. Client Advocate, Client Services Prior to joining ISO MarketStance, Betsy was a product manager at Voya Financial Services and was responsible for working with marketing, underwriting and actuarial departments to profitably grow her assigned territory. Betsy also holds an MBA from the University of Connecticut with a concentration in Marketing and Operations Management. As Sr. Client Advocate, Betsy works directly with all of the hands on users of ISO MarketStance products to help ensure that the data is interpreted correctly and being used to its maximum potential. Betsy s background working in a home office setting gives her an appreciation for the complexity of growing of book of business strategically. 18

19 Speaker Biographies Crystal Cathcart - Regional Relationship Director Prior to joining ISO MarketStance, Crystal was an agent in the Connecticut P&C and L&H market for 5 years. She has handled all aspects of the agent role from managing branch locations, writing new business, managing renewals, processing claims and acquiring a book of business. As RRD, Crystal works with regional and super-regional carriers on enhancing marketing, underwriting and product development activities through the use of market intelligence. Crystal s background as an agent helps her work closely with her clients on communicating appetite to their distributors and understanding local market opportunity. 19