Insuranceciooutlook

New Analytics-Backed Product Comparison Tool to Benefit Insurers

By Insurance CIO Outlook | Thursday, January 30, 2020

Elaine Tumicki, Corporate Vice President

Comparing insurance products using relevant metrics becomes simpler with data analytics solutions.

FREMONT, CA: LIMRA is launching a new insurance product comparison tool, My Products, under Life Compass®. The new tool will allow insurance companies to compare individual insurance products with the ones available in the market. The insights from the comparisons will help insurers track and improve the performance of their products in the market. With this new addition, the data analytics portal Life Compass® is poised to become even more valuable for insurance companies.  

The insurance market is extremely competitive today. In such a scenario, gaining insights into how a product is perceived by customers gives insurance companies a definite advantage. With My Products, it is possible to assess how a particular product performs in separate market segments when compared to other products in the same category. "In today's highly competitive marketplace, life insurers are looking for in-depth data and analysis to make decisions on market development, product design, sales and distribution planning, as well as financial and client management. We developed Life Compass and its new tool, My Products, to give our members access to the competitive intelligence they need to make investments that will have the greatest impact on their bottom line," said Alison Salka, Ph.D., Senior Vice President and Director of LIMRA Research.   

The My Product dashboard will be available from May 2020 with reports of the first quarter, and existing LIMRA members can access it free of cost. Built on Life Compass's platform, the new tool expands the capabilities of the data analytics platform. “As life insurers rely more on predictive modeling and analytics to drive their business decisions, they need greater access to detailed industry data and the ability to mine and integrate the data with their own internal information. Life Compass combines detailed individual company life insurance sales data with demographic and geographic data using proprietary data standards and definitions, that will enable a company to uncover emerging market opportunities and understand how they match up to their competitors and ultimately, inform their business strategy, ” says Elaine Tumicki, Corporate Vice President, LIMRA Insurance Product Research. 

Since 1916, LIMRA has been working with financial services companies offering solutions and services in areas ranging from market development to onboarding and development.

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