Competitive Intelligence for Voluntary & Supplement Health Insurance
The market for voluntary insurance products is evolving rapidly and carriers need impartial data to make better strategic decisions. Our tool allows insurance carriers to benchmark their own data against competitors in order to price products competitively, offer attractive plan designs and align resources with where the market is heading.
Since 2001, Group MarketShare has served insurance carriers by providing powerful competitive intelligence tools. Our voluntary/worksite offerings are launching in 2019 and include databases for:
- Critical Illness
- Accident Insurance
- Hospital Indemnity
How does it work?
Group MarketShare compiles and manages a database of detailed market performance statistics supplied by group insurance companies. Participating companies access the data through Retego’s patented, interactive web-based data mining system. With this data, participating companies can identify areas of competitive advantage, build on successes and maximize profitability and growth.
Each client company gets access to powerful market information while confident that the data they provide and their own competitive performance statistics remain anonymous. Our patented software prevents any company from drilling into the database to a point where they could isolate the market position of any other specific contributing company. Reports and analytics never list data by individual company.
From actuarial to sales and marketing, insurance companies are using Group MarketShare to answer questions about rating, plan design, broker coverage, and sales strategy.
What are the benefits?
- Data set is unique to this tool – it cannot be purchased from any other source
- Web based analytics tools are available 24x7 from any device
- Reports are easy to export and are presentation ready
- Data is updated quarterly – giving you timely information
- Simple annual fee - no per user fees
- User Training is included in the fee, and the tool is flexible and easy to use!
Group Market Share gives you the data and tools to answer these questions:
- How do participation rates vary by case size and industry?
- How many critical illness plans are sold as attained age vs issue age rating?
- Which brokers take heap commissions vs flat?
- What brokers control a business segment, by metro area, and which ones do we not yet do business with?
- Which Accident Insurance benefits are most common for medium sized manufacturers based in the south?