Insurance market pricing insights

Data with expert analysis is value-added data

In a world of instant comparisons, pricing decisions within the insurance industry are growing more complex.

The coronavirus pandemic has already impacted insurance prices, and as the regulatory environment changes we can expect more fluctuation. How do you keep one step ahead of your competitors in the daily battle for new business and better margins?

Our consumer panel provides a rich source of up-to-the-minute data on price movements. It’s a panel of genuine people with real risks who gather live quotes every day. The market knowledge they generate is relevant and valuable: a daily snapshot of a fast-moving industry, delivered with insights and analysis that you can use to your competitive advantage.

Since data without insights is just data, we add value through our own pricing expertise.

"They helped us understand our competitive context and improved our weekly top positions."

QUALITY DATA & REPORTING
• Rotation of quotes
• Scheduled run times
• Removal of outliers
• Identification of ‘unusual’ activity
• Analysis to highlight ‘seen before’ rules
• Ad hoc manual sense check
STRATEGIC MARKET MONITORING
• Trended monthly view of market and competitor price movements
• Understanding of any change to competitor footprints
• Comparison of propositions as well as price
• Comparison of PCW specific promotional activity or impact of question set or mapping differences
CRITICAL MARKET INSIGHT
• Ongoing, up to date understanding of market movements
• Continuous monitoring of competitor pricing strategies
• Improved awareness of price testing activities in the market
• Early identification of changes in market pricing trends
• Immediate sight of competitor footprint changes
• Proposition as well as price benchmarking
AGILE TRADING SUPPORT
• Daily view on market and competitor price movements to assess impact on performance
• Identification of any issues with your own pricing
• Validation of your own price changes flowing through to live as expected
• Crucial data source to be combined with other metrics to explain performance and inform decisions
SPEEDIER DECISION MAKING
• The ability to make quicker, and more effective, pricing decisions
ISSUE RESOLUTION
• The ability to identify issues with your own pricing sooner

To become more agile in your market, tap into daily updates of real-world prices

As pricing practitioners – not data providers – with a wealth of insurance pricing experience, our consumer panel solution insights are designed to be more appropriate and more relevant for what insurance pricing teams need.

Our data and reports have been developed from an insurance provider’s perspective, working in close collaboration with our insurance clients.

Our solution allows you to continuously monitor changes in competitiveness based on which insurers or brokers have moved prices, when, how often and to what extent. This provides accurate, daily market price tracking, enabling greater trading agility and more informed pricing decisions.

We run quotes daily through all the major price comparison websites to provide intra-day price movements and insights into market pricing changes and how these impact your performance.

We use real people’s actual risk details to ensure prices returned are genuine and specific to that individual. We do not use any made-up profiles or adjust any of the factors that may influence price.

We regularly refresh our panel members to take account of aging and to maintain a representative view of the markets we are operating in. These measures ensure that our daily price movements are on a like-for-like basis.

We also conduct on-going analyses of the data to make sure that observed price movements are genuine and not affected by collection processes, velocity rules, anti-fraud measures, or other pricing anomalies. Our extensive experience as insurance pricing practitioners means we are ideally placed to be able to identify unusual movements, and remove outliers.

"Getting daily reports helped us make pricing decisions with confidence and increase profitability."
FCA report makes regular view of price change movements even more important

Times are changing and the findings of the FCA’s general insurance pricing practices market study will have significant implications for motor and home insurance pricing in the UK.

One thing is for sure, prices quoted on comparison sites will be changing. There may be some short-term downward movements before longer-term increases, or the expected market inflation may begin sooner.

Different providers will have different strategic aims, and different pricing tactics to achieve them. A daily view of who’s moving, by how much, in what direction, and when, is more important than ever.

"Understanding our competitor price movements is crucial to our dual pricing response."
Our reports and approach are driven by insurance insiders – developed by pricing practitioners for pricing practitioners

We are your peers and are able to have ongoing conversations with you on that basis. Our pricing insights team have extensive experience of working in analytical and leadership roles within insurance pricing over several years.

Our reports and insights help you understand trends and predict where prices are going, and benchmark your proposition against your competitors.

The quicker information is available and analysed, the sooner price change decisions can be made, prices changed, and trading performance improved.

Our reports are based on a panel of real people’s genuine risk information to ensure improved accuracy of prices being returned. We do not use any false profiles and do not amend any of the risk information.

Summary of key benefits and features:

QUALITY DATA & REPORTING

  • Rotation of quotes
  • Scheduled run times
  • Removal of outliers
  • Identification of ‘unusual’ activity
  • Analysis to highlight ‘seen before’ rules
  • Ad hoc manual sense check

STRATEGIC MARKET MONITORING

  • Trended monthly view of market and competitor price movements
  • Understanding of any change to competitor footprints
  • Comparison of propositions as well as price
  • Comparison of PCW specific promotional activity or impact of question set or mapping differences

CRITICAL MARKET INSIGHT

  • Ongoing, up to date understanding of market movements
  • Continuous monitoring of competitor pricing strategies
  • Improved awareness of price testing activities in the market
  • Early identification of changes in market pricing trends
  • Immediate sight of competitor footprint changes
  • Proposition as well as price benchmarking

AGILE TRADING SUPPORT

  • Daily view on market and competitor price movements to assess impact on performance
  • Identification of any issues with your own pricing
  • Validation of your own price changes flowing through to live as expected

SPEEDIER DECISION MAKING

  • The ability to make quicker, and more effective, pricing decisions

ISSUE RESOLUTION

  • The ability to identify issues with your own pricing sooner
Choose what you want to see via online configurable and interactive reports

Our easily accessible online portal provides access to a wide range of reporting. The configurable, interactive reports allow you to select specific insurers, view different date ranges, change comparison websites and look at them individually or collectively.

Here are some of the reports our data provides:

DAILY VIEW: quickly benchmark previous day market movements.

COMPETITOR PRICING ACTIVITY: drop down menu allows selection of any insurer who returned a price that day. Can be viewed by brand or by insurance group.

BIGGEST MOVERS: see how the market has changed based on biggest movers.

SEGMENTED VIEWS: by key pricing factors. Assess if changes are targeted or across the board.

WEEKLY TOP POSITIONS: relative competitiveness (number of top positions in the week). This is also provided by comparison website and allows understanding of your own and competitor top positions and in which segments.

TOP PERFORMERS: portal can be set to look at top 1, top 3, top 5 etc. Who is most competitive, how this is changing over time and your competitive set.

PRICE TRACKING: longer-term price tracking and quotability over time by segment.

FEATURES AND TICKS: as well as price, we can look at other features: level of excess, additional ‘ticks’ (breakdown, legal, personal accident, replacement car, emergency, etc) to compare benefits and establish relative competitiveness.

SCENARIO MODELLING: how a price change of x% across the board might affect overall competitiveness based on top position impact. Also modelling ‘Left on the table’ and ‘Beaten by’ allows a view of your top price versus competitors, and assessment of price optimisation effectiveness over time.

QUOTABILITY: tracking brand specific footprint changes

Choose the levels of data, reporting and value-added support that suit your needs

Our products and services are not one-size-fits-all. We understand that different organisations have different needs and that requirements will vary. That is why we offer different levels of data, reporting, and value-added support.

You may want a quick view on generic market movement, for which a single price comparison site would suffice. On the other hand, you might be interested in identifying the impact of promotional activity or question set and mapping differences, and need data from all four.

A monthly view on market price changes could be enough to provide an understanding of how things have moved and help to inform where you expect things to go next.

However, more agile providers will need a daily view of price movements to inform trading decisions.

NB: Tables and graphs are illustrative examples of some of the reports available.

We balance robust actuarial skills with commercial acumen, and can draw on experience across multiple sectors
STEPHEN KENNEDY Director Insurance Pricing
STEPHEN KENNEDY - Pearson Ham
BACKGROUND
Hastings Direct, Superdrug, Shell UK

EDUCATION
MA Marketing Kingston University
- Leads on insurance pricing for Pearson Ham
- Head of Pricing at Hastings Insurance Group from 2009 to 2017
- Experience of using Pearson Ham market pricing insights as a client
- Project work includes price optimisation, pricing reviews, and capability development across multiple lines of business
- Experience of leading engagements in Private Car, Van, Motorcycle, Home, Pet, and Travel insurance

[email protected]
Hazel Davis Engagement Manager
Hazel Davis - Pearson Ham
BACKGROUND
AXA UK Insurance, Network Rail

EDUCATION
MSC Operational Research LSE MA Mathematical Science Oxford University
- Qualified as Fellow of the Institute of Actuaries specialising in General Insurance
- 8 years’ experience in pricing at AXA in technical pricing, pricing innovation and market pricing teams
- Experience in modelling claims costs and customer behaviour, delivering dynamic price optimisation projects and
integrating new data sources into the business
- Core competencies in Private Car, Home, and Travel insurance sectors

[email protected]
Bruce Williamson, MSC Engagement Manager
Bruce Williamson, MSC - Pearson Ham
BACKGROUND
BRITISH GAS
DIRECT LINE GROUP

EDUCATION
MSC OPERATIONAL RESEARCH – UNIVERSITY OF STRATHCLYDE
MSC RISK MANAGEMENT – UNIVERSITY OF ABERDEEN
BSC MATHEMATICS & STATISTICS – UNIVERSITY OF ABERDEEN
Bruce has over 15 years pricing experience in the General Insurance sector.
He has extensive experience across home and motor insurance, delivering innovative solutions in telematics, and rating factor development.

Bruce has a deep understanding of customer behaviour through managing the market pricing of High St brands such as Nationwide Building Society, Sainsbury’s Bank & Nat West. For each of these, Bruce implemented rating strategies using price optimisation and unique customer data to drive value for the brands.

Fundamentally, pricing deals with understanding human behaviour and making the best decisions that align to customer & clients’ needs.

Dan Milne Pricing Analyst
Dan Milne - Pearson Ham
BACKGROUND
Aviva, Ageas

EDUCATION
BEng University of Surrey
- 5 Years’ experience in insurance, holding pricing analyst positions with Ageas UK and Aviva
- Background in performance reviews and profit margin forecasting as well as risk modelling

[email protected]
Frances Luery Market Analyst
Frances Luery - Pearson Ham
BACKGROUND
TRAVELEX
IBISWORLD
DARWIN

EDUCATION
BA ECONOMICS, HERIOT-WATT UNIVERSITY
Frances joined Pearson Ham with 2 years’ experience in pricing strategy and data analytics at Travelex.

She possesses professional and academic experience in coding and modelling, with a background in market research.

Her passion is for languages, both computer and foreign, and she can speak German.

Jack Hall Data Engineer
Jack Hall - Pearson Ham
BACKGROUND
UNIVERSITY OF YORK

EDUCATION
BENG COMPUTER SCIENCE, UNIVERSITY OF YORK
Jack joined Pearson Ham after completing his degree in Computer Science. During his studies, he underwent a year in industry as a Software Developer delivering bespoke web applications to clients across various industries.

He enjoys drawing insights from data and its potential in machine learning for autonomy to provide cost effective solutions.

With our help you can quickly embed greater agility in your pricing function

We sometimes hear that insurers aren’t ready or don’t have the right structures and processes in place to make use of the insights our consumer panel solution can provide. Our experience of insurance pricing, capabilities, teams and governance means we can help you embed the data and reporting into your ways of working to improve your pricing agility.

Through a series of interviews, workshops, and coaching sessions we will help you identify what you are doing well, how to leverage opportunities in terms of agility, your team’s ways of working, the processes, systems, tools being used and the governance in place. Real-time data is important and helps inform better and quicker decisions, but the right infrastructure needs to be in place to support more streamlined price change recommendation, approval, testing, deployment, and impact reviews.

We have a diverse client base, ranging from the most agile trading organisations to more traditional insurers. Our insights help each to identify competitor pricing strategies, track testing and promotional activity, understand trends, predict where prices are going, and benchmark value propositions.

Depending on the type of organisation, our data and reporting can be used in different ways:

STRATEGIC MARKET MONITORING
A strategic approach to monitor market movements over time, that can generally be achieved through weekly or monthly reporting. This helps to inform forecasting and internal planning activities based on price movements, competitor footprint changes, differences in product features, excess levels, and differential pricing across channels. It also enables tracking of price optimisation effectiveness, and scenario modelling.

AGILE TRADING SUPPORT
In addition to the above, for more agile insurers and brokers, our daily reports provide real-time tracking of market movements: what happened yesterday, which competitors moved, how those moves have driven the overall market, and how they may have impacted performance. This is crucial insight for providers operating on comparison websites, where multiple changes can be observed daily.

"Thanks to their on-boarding process, we have significantly improved our pricing capabilities."
  • PREVIOUS WEBINAR 07th July 2021

    2021 Insurance – Quarterly Market Price Index webinar series – 7th July, 1pm

    We’re launching our quarterly complimentary 30-minute webinars focusing on car and home insurance market pricing movements.  Stephen Kennedy, who leads our specialist insurance pricing team, and former head of pricing at Hastings Direct, will host the webinars.  Below are details together with the link to register, which will allow you to register for them all in one go.

    Stephen will be discussing:

    • Updates and insights into previous months insurance price movements
    • Potential impact of regulatory change or other external factors
    • Longer-term trends and forecasts

    Quarterly webinars are on Wednesdays at 1pm on: 7th April, 7th July, 6th October 2021, and 5th January 2022

    We look forward to you joining us online.

  • PREVIOUS WEBINAR 07th April 2021

    2021 Insurance – Quarterly Market Price Index webinar series – 7th April

    We’re launching our quarterly complimentary 30-minute webinars focusing on car and home insurance market pricing movements.  Stephen Kennedy, who leads our specialist insurance pricing team, and former head of pricing at Hastings Direct, will host the webinars.  Below are details together with the link to register, which will allow you to register for them all in one go.

    Stephen will be discussing:

    • Updates and insights into previous months insurance price movements
    • Potential impact of regulatory change or other external factors
    • Longer-term trends and forecasts

    Quarterly webinars are on Wednesdays at 1pm on: 7th April, 7th July, 6th October 2021, and 5th January 2022

    Thank you to everyone who joined us online.

  • PREVIOUS WEBINAR 20th January 2021

    Motor Insurance Market Pricing Insights

    We would like to invite you to our complimentary 30-40-minute webinar focusing on motor insurance market pricing, how prices have moved in 2020, and what we might expect to happen in 2021.

    Stephen Kennedy, our insurance pricing expert, and former head of pricing at Hastings Direct, will host the webinar.  There are 2 dates from which to choose or you are welcome to attend both live webinars (to join both, register for one and then click link again to register for the 2nd one).

    Below are details together with link to register.

    Stephen will be discussing:

    • The impact of Covid-19 and other external factors
    • Immediate responses to the proposed FCA pricing remedies
    • How prices could change through 2021

    Thank you to everyone who joined us online.

  • PREVIOUS WEBINAR 16th December 2020

    FCA Impact on insurance pricing

    We would like to invite you to our complimentary 40-minute webinar focusing on the proposed FCA changes, their likely impact on insurance pricing and how insurance providers can prepare for them.  Stephen Kennedy, our insurance pricing expert, and former head of pricing at Hastings Direct, will host the webinar.  Below are details together with link to register.

    Stephen will be discussing:

    • How the proposed FCA remedies are likely to impact insurance pricing
    • What insurers and brokers can do to prepare for the changes
    • How the changes might affect how consumers buy insurance

    Thank you to everyone who joined us online.

  • PREVIOUS WEBINAR 16th September 2020

    Insurance pricing – Making better use of data

    We are running a series of complimentary 30-40 minute webinars focusing on the insurance sector.  Stephen Kennedy, our insurance pricing expert, and former head of pricing at Hastings Direct, will host the webinars and will be looking at pricing challenges and opportunities facing the insurance sector particularly in light of Covid-19.

    In this webinar, Stephen will cover:

    • Over the past few years, insurers have been involved in an ‘arms race’ to find data sources that might give them a competitive edge.  How are these being assessed and what alternatives might there be?

    The webinar begins at 13:00 (UK time) and will last between 30-45 minutes.

    Thank you to everyone who joined us online.

  • PREVIOUS WEBINAR 02nd September 2020

    Insurance Renewal Pricing – A holistic approach to the retention process

    We are running a series of complimentary 30-40 minute webinars focusing on the insurance sector.  Stephen Kennedy, our insurance pricing expert, and former head of pricing at Hastings Direct, will host the webinars and will be looking at pricing challenges and opportunities facing the insurance sector particularly in light of Covid-19.

    In this webinar, Stephen will cover:

    • Key drivers of retention and the influence of pricing
    • Ensuring consistency of messaging
    • The role of behavioural science in improving renewal rate

    The webinar begins at 13:00 (UK time) and will last between 30-45 minutes.

    Thank you to everyone who joined us online.

  • PREVIOUS WEBINAR 19th August 2020

    Insurance pricing – Pricing Outside of Optimisation

    We are running a series of complimentary 30-40 minute webinars focusing on the insurance sector.  Stephen Kennedy, our insurance pricing expert, and former head of pricing at Hastings Direct, will host the webinars and will be looking at pricing challenges and opportunities facing the insurance sector particularly in light of Covid-19.

    In this webinar, Stephen will cover:

    • I already do price optimisation, what else is there?
    • The importance of agile trading in fast-moving markets
    • Ensuring appropriate levels of governance for agile trading

    The webinar begins at 13:00 (UK time) and will last between 30-45 minutes.

    Thank you to everyone who joined us online.

  • PREVIOUS WEBINAR 22nd July 2020

    Motor Insurance – Dealing with uncertainty in a risk averse industry

    We are running a series of complimentary 30-40 minute webinars focusing on the insurance sector.  Stephen Kennedy, our insurance pricing expert, and former head of pricing at Hastings Direct, will host the webinars and will be looking at pricing challenges and opportunities facing the insurance sector particularly in light of Covid-19. We look forward to seeing you online.

    • How Covid-19 has impacted motor insurance pricing and the likely longer term consequences
    • Challenges caused by Covid-19 and how to overcome them
    • What opportunities does the current situation present?

    Online  webinar at 13:00-13:45

    Thank you to everyone who joined us online.

Download our Insurance Market Pricing Insights guide

"Consumer Reporting & Insights" guide