St. Johns Insurance Co. has selected Milliman Inc.’s Pixel, a competitive intelligence tool for P&C insurers, as well as Milliman's proprietary market baskets, Milliman said, describing Pixel as a web-based, interactive platform designed to give marketing executives, product managers and actuaries a comprehensive and customized view of the market. Insurers can view their own data in Pixel, but they also can also license Milliman's market baskets, which include competitor premiums for hundreds of thousands of policy profiles representing 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 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 applies data visualization and machine learning techniques, Milliman said, that analyzes premiums for a given company relative to competitors. Users can filter markets by geography and risk type, and drill down into the variables that impact their competitive positions. Results are output in datasets, charts and maps that can easily be integrated with other software, Milliman said.
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