Milliman, a premier global consulting and actuarial firm, announced that St. Johns Insurance Company has adopted Pixel, a competitive intelligence tool for property and casualty insurance companies, along with Milliman's proprietary market baskets.
Pixel is a web-based, interactive platform designed to give marketing executives, product managers, and actuaries a comprehensive and customized view of the market.
Companies can view their own data in Pixel, but they can also license Milliman’s market baskets, which include competitor premiums for hundreds of thousands of policy profiles calibrated to represent various state markets.
"In a highly competitive market the need to price the insurance product to maintain market share and ensure a profitable profile is highly critical," said Reese I. Bowen, president at St. Johns Insurance.
"The ability to drill down to regional and territory levels for an assessment of the market’s view of price is invaluable. To replicate Milliman’s market basket approach and provide accurate competitor premiums would require an extraordinary amount of time and money. Pixel is by far the most cost effective and efficient manner to perfect product pricing in any market."
"Pixel’s user base is growing rapidly as sophisticated insurers recognize the competitive opportunity for early adopters," said Milliman Principal Nancy Watkins.
Pixel applies advanced data visualization and machine learning techniques behind the scenes in an easy-to-use tool that analyzes premiums for a given company relative to the competition. Users can filter markets by geography and type of risk, and drill down into the variables that most affect their competitive position.
Results are output in user-friendly datasets, charts, and maps that can easily integrate with other software. This information is useful not only in setting premiums, but also in arming agents with valuable insight and in supporting the regulatory process.
Milliman is among the world’s largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.