LexisNexis® InsurQuote® Market Basket helps carriers rate thousands of risks active in the market virtually instantaneously.
LexisNexis
® InsurQuote
® Market Basket allows insurers to jump-start analysis by eliminating any data mapping. Rate thousands of risks active in the market virtually instantaneously by state so you can:
- Successfully enter new markets
- Accurately target specific market segments
- Efficiently and comprehensively reduce and improve the rate revision cycle
LexisNexis® InsurQuote® Market Basket provides real policy and pricing data currently in market, creating the most realistic scenarios available. This “real-world data” from across the market expands intelligence beyond the data available on an insurer’s book of business, providing a view of both auto and home policies and delivering more comprehensive insights into package premiums.
LexisNexis® InsurQuote®Market Basket uses real data to help insurers:
- Create more accurate predictive models
- Benchmark performance in a given segment or market
- Identify customer profiles most likely to shop
- Understand which segments quoted or converted, in addition to the segments of risk likely to defect
Access powerful insights quickly and easily
LexisNexis® InsurQuote® Market Basket is fully mapped and ready for use as rating risk sets in InsurQuote®.
- Instant access – no wasted effort mapping or maintaining data from disparate systems
- Timely information – get current policy data in market that’s truly reflective of the current market
Types of Market Baskets available:
Below is a list of the more common types of baskets used, but even more are available:
- Shoppers: representative sample of all shoppers*
- Quotes: quotes of specific carrier with conversion indicator*
- PIF Shoppers: PIF polices of a carrier who shopped, includes defector indicator*
- Channel: shoppers categorized by channel shopped
-
High Value: shoppers who represent high net worth
- Non-Standard: shoppers who have driving problems
- Ultra-Preferred: shoppers who are clean and have no problems
- Standard: shoppers who do not fit into Non-Standard or Ultra-Preferred
- Home: home characteristics for home premium comparisons
*denotes carrier configured information