Country and Market Share Analysis for a Leading Lloyds ReInsurer
Global Data on Written Premium and Loss Ratios by Country, Category, and Company
Our client is part of the top 10 insurance groups, having three main legal entities operating in the Lloyd’s, UK, Continental European, and Bermuda markets they operate on a global scale. Their role places them at the forefront of the Property & Casualty, Marine, and Reinsurance markets supporting businesses facing the most complex and demanding risks.
IDS was appointed in June 2020 to consolidate and cleanse, GlobalData, S&P, and Axco data for the reinsurance arm of the business. On top of this IDS developed a suite of self-service Power BI dashboards which gave the marketing and underwriting teams a detailed understanding of global markets, to inform benchmarking and business planning activities.
IDS worked with both the marketing department to evaluate external data sources, and also with underwriters who gave valuable feedback on dashboard design and key KPIs to report on.
Data quality work included identifying data gaps through reconciliation, resolving format differences, and generating calculations i.e. loss ratios, the share of wallet, and client potential.
BENEFITS DELIVERED - Empowering the Underwriting Team in Making Better Decisions with Global Data
A rich suite of Power BI dashboards provides a self-service MI facility to the underwriting teams globally, primarily to support business development and client management activity. Enabling local reporting of reinsurance business detailing company financial performance and size, country market size and share, insurance companies, and LOB loss ratios. Giving insight into emerging profitable markets and declining industries as well as cross and up-sell opportunities, for instance, highlighting global offices of existing clients.
“Just to let you know I’ve just received some really great feedback on your dashboards from a senior manager in our reinsurance business. The word “impressive” was used. We’ve got some very interesting work in the pipeline so very much looking forward to getting you involved in more initiatives. Group Underwriting MI & Marketing Analytics Manager