NU Online News Service, July 12, 3:54 p.m. EDT
Marsh said it is offering clients and prospects real time benchmarking analytics to help risk managers maintain effective and competitively-priced insurance programs.
The insurance broker, a subsidiary of New York-based services company Marsh & McLennan, said it is offering the services through Marsh's Global Benchmarking Portal. The service provides clients with real-time benchmarking analytics on purchasing and pricing trends in the United States for approximately 20 major industry groups, as well as cross-industry reports on property and casualty, financial and professional lines.
Marsh said the service contains information on 90,000 policies from Marsh clients, covering $50 billion in premium placements, $4 trillion in limits, and $15.5 trillion in total insured value.
The service, Mash said, allows clients and prospects, in every industry and coverage line to receive real-time reports on historical rate changes, shifts in limits and retentions, levels of limits and retentions bought, and pricing in relation to exposure. Its database offers detail on peer groups' insurance purchasing habits, and depth of product reports.
Peer groups are selected based on a variety of criteria including sales, number of employees, industry, location, ownership type, market value, asset size, or total insurance value. Users can also request reports on their peers based on Fortune Magazine rankings, such as Fortune 100 or Fortune 500 company groups.
The company said it uses a variety of techniques to protect sensitive and confidential client information.
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