Price is the overriding priority for most insurance consumers, which means clarity and adaptability are essential components of a successful pricing strategy. We provide daily insights into your performance and quotability against key competitors, enabling you to respond instantly to movements in the market.
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Unique profiles run every day
Insurer products checked daily
Individual prices collected every day
Individual prices collected monthly
We run real consumer risk profiles through the top four comparison websites to ensure that returned prices are genuine. We also use rotation processes to maintain good levels of accuracy and conduct on-going analyses, outlier removal and data cleansing.
This helps to make sure that observed price movements are not affected by the collection process, velocity rules, anti-fraud measures, or other pricing anomalies.
Core premium is just one element of the retail proposition that informs customer choice. The decision on which insurance provider to use can also be driven by excess levels, ancillary pricing, and premium finance offerings. Understanding how competitors are using these levers, and how they are targeted, can help optimise your strategy.
Pearson Ham Group’s premium finance, compulsory excess, and ancillary price benchmarking reports provide crucial insights into competitor strategies giving you the power to make better decisions.
We only collect prices where we have explicit permission and agreements to do so. Web-scraping without consent would break website terms and could result in costly legal proceedings.
Yes, all our quotes use real customer details. Due to increasing use of data enrichment and individual pricing, using ‘fake’ profiles could result in spurious prices being returned.
We collaborate with you to create a comprehensive set of reports that meet the specific needs of your organisation, including strategic market monitoring, critical market insight, tracked competitors and issue resolution. We also offer monthly catch-up calls, providing a summary of the market over the last month, including market movements and interesting insights.
Each profile is run for a few consecutive days before dropping out of the rotation to maintain a good level of accuracy and ensure there is always a day-on-day comparison. This helps mitigate the impact of velocity rules, anti-fraud measures, or other pricing anomalies.
Prices are collected from the Big 4 PCWs.
Data is published on Tableau dashboards, raw data files, and daily, weekly and monthly insights reports.
Yes.
Our data collection process is fully automated with minimal human intervention.
We are in regular contact with all four PCWs and have their consent to collect prices from them.
A robust quality assurance system ensures that all prices compared for an individual are on a like for like basis.
We regularly compare our risk cohorts against recent quote mix data supplied by PCW partners and use that to drive future recruitment of our new individuals.
This keeps us as close as possible to the ever-changing market, allowing us to stay as representative as possible.
Our Insurance insights team is led by Stephen Kennedy. He was Head of Pricing at Hastings Insurance Group from 2009 to 2017. Stephen led them through a period of significant change with regards to pricing strategy, bringing in new techniques from outside the insurance sector. As a consultant with Pearson Ham, he has worked with some of the UK’s leading insurers across the motor, home, pet and travel insurance markets. He has also led on work including price optimisation, pricing reviews and pricing capability development.
To find out more about how our Insurance Pricing Insights can help your business – get in touch with Stephen Kennedy today
Email Stephen Kennedy
*Based on 8 of the top 10 brands appearing in the most competitive 3 positions across the 4 main UK price comparison websites, from Pearson Ham Group’s car insurance consumer panel data between Dec 22 & Feb 23
