Data-Driven Insights for Insurance Companies: Customer Movements, Competitive Shifts and Growth Potential

Competition in the vehicle insurance market is intense. Customers switch insurers, and companies divide their insurance business among several providers. Small differences in insight can therefore have a major impact on growth, customer loyalty and profitability.
Broad market assessments and historical assumptions are no longer enough. Better decisions require insight into how the market actually moves, down to the level of individual vehicles.

This is where Bilstatistik.se makes a difference.

One of the most valuable additions is the “Insurance changes” feature. It lets you see which customers and vehicles you lose to different insurers, and which customers you win from other insurers. This gives you a more detailed view of the market and a stronger basis for action.

These insights will be available both for your own customer portfolio and for your competitors’ portfolios.

If, for example, you consistently lose certain types of customers to the same competitor, you can start to analyse why. We help you identify which vehicles, and therefore which customers, choose to switch insurers. Is it a matter of price, product design, distribution or customer experience?

You can also use these insights to grow business with your existing customers. How much of each company’s insurance business do you hold?

Many insurers already have relationships with business customers whose vehicles are partly insured with other providers. With the right data, you can identify those companies and start a better informed conversation. If a company already works with you but insures some of its vehicles elsewhere, there is likely an opportunity to expand the relationship.

You do not have to start with your own customer database. Bilstatistik.se gives you insight into the vehicle insurance customer portfolios of every insurer.

When assessing a company’s vehicle fleet, its total size can vary considerably over time. An accurate risk assessment therefore needs a clear account of its actual exposure.

With insurance exposure data from Bilstatistik.se, you can see the company’s total exposure in seconds, even when its vehicles are covered by several insurers. The data includes the number of unique vehicles, the average number of vehicles during the year and the total number of insured days. This provides a stronger basis for risk assessment and a more efficient analysis of the company’s actual insurance cover.

Although Bilstatistik has been in the Swedish market for only three years, we draw on more than 25 years of experience in Denmark. Ninety per cent of vehicles in the Danish market are insured by companies that are our customers. This gives us a strong foundation and a deep understanding of the business, which ultimately helps our customers create more and better opportunities.

We know that data alone does not create value. Value comes when data is turned into insight, priorities and action. For insurers, it means understanding the market better, working more precisely and spotting opportunities that might otherwise be missed.

As Andrée Peters, Managing Director of Bilstatistik.se in Sweden, says:

Would you like to learn more about how Bilstatistik.se can help you understand customer movements, identify opportunities and use data more effectively in the market?

Contact Andrée Peters to discuss the possibilities.