Group Life Insurance Benchmarking
Group Market Share compiles and manages a robust, member-supplied database of detailed market performance statistics for group life insurance companies. Participating companies access the data through Retego’s secure web-based platform. With this data, participating companies can measure and compare their business activity, and identify new business opportunities.
Member companies compete more effectively within Life and AD&D product lines.
How does it work?
Group MarketShare aggregates data from across the industry in order to provide participants with a web based reporting tool. These detailed market performance statistics are supplied by group insurance companies. Our tools then allows participating insurance carriers to access the data and understand their competitive position, make strategic decisions on what, where and how to sell, and maximize profitability and growth.
All data is secure and your privacy is ensured. Each client company gets access to powerful market information but their own competitive performance statistics remain anonymous. Our patented software allows you to cut and drill into the data to get the business insights you need, but also prevents any company see specific data from any contributing company. Reports and analytics never reveal data in a way that can be attributed to an individual company.
Group MarketShare can be used through your company, from actuarial to sales and marketing, 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 competitive is my carrier versus other carriers by state? Which states might have opportunities for growth/expansion?
- How many life insurance plans sold in the past three years have an accelerated benefit option?
- What is the life insurance market size for 500 to 1,000 life cases?
- What brokers control a business segment, by metro area, and which ones do we not yet do business with?
- Which life insurance plan design features are most common for medium sized manufacturers based in the south?