SUPPORT

A quality customer support function is often viewed by potential clients as an essential requirement when licensing market analysis software and complex peril models nowadays in the highly competitive insurance industry. Customer support is something that we are passionate about at Business Insight and so we have a dedicated UK based customer support team manned by highly experienced industry specialists. We provide telephone support during normal office hours as well as sending out software engineers on site if required. Our support people are experts in the premium analysis and perils modelling markets, have extensive knowledge of the insurance industry and so are able to solve issues efficiently and effectively. With Business Insight you receive timely and relevant customer support and advice ensuring you can extract the most from your investment in our products.

For any support queries please contact us.

QUALITY TESTING & VALIDATION

How do you know if the premiums in your market analysis software are indicative of the market?

Business Insight has a full broker quote system installed in the Warwick office with a live link to the Open GI head office. This allows us to test random samples of risks comparing the average of the cheapest five quotes output from the Open GI quotation software compared to output from Premium Insight for the same risks. We are then able to investigate where there are any significant differences between the premiums output from the two systems. Within the team we have experience of supplying insurance price analysis software from when it started back in the mid 1990s so we have plenty of knowledge and expertise in spotting any potential problems with the data and how these should be addressed to get to the root of the issue.

How can you be sure that the Perils data will work for your company?

Business Insight work openly with clients at the tender stage to set-up robust statistical tests of client historical claims experience to understand how predictive the Perils Insight models will be for their particular book of business. This gives the client confidence that the models work for them prior to purchase and that they are relevant and add value for their business. This also helps build confidence internally when working with the data and in building a business case to justify the investment. Business Insight has a number of blue chip reference sites where tests have been carried out on very large datasets and where it has been proven that our models work and add value over and above existing datasets used in the underwriting and rating process.

WHAT MAKES US DIFFERENT?

Top things to bear in mind when selecting a perils data supplier

Having an informed assessment of risk based on reliable data is essential to the accurate pricing of premiums. Without reliable and accurate data, you could be basing your underwriting and pricing decisions on old or out-of-date information. Consequently, there are some essential questions that need to be addressed when selecting a perils data supplier. These include:

  1. Finding out how often the products are updated and rebuilt?
  2. Establishing what level of experience, support and expertise the supplier has in-house?
  3. How will the models be refined and improved over time and is there a roadmap?
  4. Are they a trusted supplier? Are their products widely used in the market and are there reference sites?
Static models?

Some vendors build a peril risk model, often with assistance from 3rd party consultants and provide a static product with little or no further refinement. Once built, the predictive accuracy of a perils risk model degrades over time so the continuity of development and focus on improvement and refinement is very important. Using a static model will mean that, eventually, you will be at a disadvantage in the market. Competitors armed with more accurate, more granular or up-to-date models will select against you.

Proven track record?

When choosing a supplier, it is important to look at the level of experience the model developers have. Do they have a proven track record in delivering products that add value and drive business growth in the insurance industry? Our industry knowledge is what sets us apart from our competitors.

The team at Business Insight is made up of PhD level mathematical modellers and postgraduate statisticians and software developers with a huge amount of experience in producing perils risk models going back over 25 years.

No other supplier in the UK market has comparable breadth or depth of expertise in researching and building perils risk models for insurance underwriting, rating or pricing.

How will the models be refined over time?

Business Insight provides regular updates to its peril models and is continually updating, refining and reinvesting in taking its Perils Insight product suite forward. We are committed to product innovation and this is shown by our continual investment in Research & Development (R&D). We invest significantly in R&D every year and put an emphasis on innovation and the development of new products to maintain a competitive advantage.

Trusted supplier?

Our products are widely used in the marketplace by some of the biggest insurance companies, brokers and MGAs and are recognised as the best-in-class. The BI Perils product suite has shown to be highly accurate in tests carried out by UK insurers and our models have consistently revealed a startling improvement over competing products in the market.

About Business Insight

We specialise in providing high quality perils risk models, quote enrichment data and premium analysis software. Our innovative products are aimed at the core insurer business processes of pricing, underwriting and marketing. Our experience of making sense of vast datasets ‘big data’ through applying sophisticated mathematical and analysis coupled with a deep understanding of the insurance market is at the heart of what we do.