(Century Link Field in Seattle, home of Milliman. Photo credit: ArtBrom.)
Milliman (Seattle) has announced the availability of the Pixel competitive intelligence tool, which the consultant and solution provider describes as a web-based, interactive platform designed to give marketing executives, product managers and actuaries a customized view of the market.
“Homeowners insurance pricing is becoming more granular and complicated,” comments Werner Kruck, chief operating officer, Security First Insurance Company (Ormond Beach, Fla.). “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.”
Pixel applies advanced data visualization and machine learning techniques behind the scenes in what Milliman characterizes as an easy-to-use tool that analyzes premiums for a given company relative to the competition. Milliman reports that users can filter markets by geography and type of risk, and drill down into the variables that most impact their competitive position. Results are delivered in user-friendly datasets, charts, and maps that can easily integrate with other software. The vendor asserts that the information is useful not only in setting premiums, but also in arming agents with valuable information and supporting the regulatory process.
(Related: Milliman to Power Royal London’s Actuarial Systems Transformation)
“Our clients want to know where they are vulnerable to the competition and how to position themselves to grow their book,” comments Nancy Watkins, principal, Milliman. “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, Watkins elaborates. As a result, questions that used to take days or weeks to answer can be answered with just a few clicks, she asserts.