Global consulting and actuarial firm Milliman has introduced a new competitive intelligence tool, Pixel, for insurance companies.
Pixel is a web-based and interactive platform that provides comprehensive and customized view of the market to the marketing executives, product managers and actuaries.
Milliman principal Nancy Watkins said: "Pixel allows company management to base decisions on a portfolio view of competitiveness, rather than on limited anecdotes from agents.
"Pixel takes in large volumes of data and enables users to analyze that information very quickly and easily."
Featuring advanced data visualization and machine learning techniques, Pixel analyzes premiums for a given company relative to the competition.
It allows users to filter markets by geography and type of risk and drill down into the variables that most impact their competitive position, and results can be prepared in user-friendly datasets, charts and maps, which can easily incorporate with other software.
Security First Insurance Company COO Werner Kruck said: "Having a next-generation tool like Pixel helps us glean important market and consumer behavior metrics, allowing us to more accurately and competitively price our products."
Milliman carries out consulting practices in healthcare, property and casualty insurance, life insurance and financial services and employee benefits.
Image: Milliman has launched new web-based and interactive platform for insurers. Photo: courtesy of renjith krishnan/ FreeDigitalPhotos.net.