System And Method For Determining Opportunities And Peer Information For Insurance Policies

Abstract

Systems and methods for providing insurance companies with historical data indicating their placement results versus peer insurance companies with a broker and proactively identify upcoming policy opportunities from a broker. The systems and methods configured to store placement information for insurance policies, receive policy criteria selection information from a user, wherein at least a portion of the policy criteria selection information is unique to an insurance company associated with the user, determine opportunity information based on the policy criteria selection information, the opportunity information including data for insurance policies that are one of scheduled to expire and scheduled for submission to insurance companies within a predetermined time frame, determine historical information based on the policy criteria selection information, the historical information including performance metrics for the insurance company and average performance metrics for peer insurance companies and provide the opportunity information and historical information to the user.

What is claimed is: 
     
         1 . A method, comprising:
 storing placement information for insurance policies;   receiving policy criteria selection information from a user, wherein at least a portion of the policy criteria selection information is unique to an insurance company associated with the user;   determining opportunity information based on the policy criteria selection information, the opportunity information including data for insurance policies that are one of scheduled to expire, scheduled to renew and scheduled for submission to insurance companies within a predetermined time frame;   determining historical information based on the policy criteria selection information, the historical information including performance metrics for the insurance company and average performance metrics for peer insurance companies; and   providing the opportunity information and historical information to the user, wherein the opportunity information and historical information is organized based on the policy criteria selection information received from the user.   
     
     
         2 . The method of  claim 1 , wherein the unique policy criteria selection information includes one of product group information, product subgroup information and industry group information. 
     
     
         3 . The method of  claim 1 , further comprising:
 correlating the placement information with the unique policy criteria selection information.   
     
     
         4 . The method of  claim 1 , further comprising:
 providing the opportunity information and historical information to a second user, wherein the second user is associated with a broker for the insurance policies.   
     
     
         5 . The method of  claim 4 , wherein at least a portion of the data provided to the user for each insurance policy of the opportunity information is different from the data provided to the second user for each insurance policy of the opportunity information. 
     
     
         6 . The method of  claim 1 , wherein the placement information includes one of a type of each policy, an amount of each policy, provisions of each policy, a period of each policy, an owner of each policy, characteristics of an owner of each policy, insurance companies to which each policy was submitted, insurance companies that quoted each policy and characteristics of each quote for each policy. 
     
     
         7 . The method of  claim 1 , wherein the policy criteria selection information includes one of a total insured value (TIV), an event specific TIV, a client market capitalization, a placement hub of the broker, a loss sensitive parameter and a guaranteed cost parameter. 
     
     
         8 . The method of  claim 1 , wherein the opportunity information includes data for insurance policies that are renewal policies for the insurance company and policies representing new prospective clients for the insurance company. 
     
     
         9 . The method of  claim 1 , wherein the opportunity information includes data for multiple insurance policies for a selected client, wherein the insurance company is an incumbent carrier for at least one of the multiple insurance policies. 
     
     
         10 . The method of  claim 1 , wherein the performance metrics for the insurance company includes one of a number of submissions received by the insurance company, a number of quotes provided by the insurance company, a number of bound policies by the insurance company, a submission percentage which is based on a number of total submissions by the broker and the number of submissions received by the insurance company, a quote percentage which is based on the number of quotes provided by the insurance company and the number of submissions received by the insurance company, a binding percentage which is based on the number of bound policies by the insurance company and the number of quotes provided by the insurance company, a net conversion percentage which is based on the number of bound policies by the insurance company and the number of submissions to the insurance company and a portfolio conversion percentage which is based on the number of bound policies by the insurance company and the number of submissions by the broker. 
     
     
         11 . The method of  claim 1 , wherein the average performance metrics for the peer insurance companies is based on the policy criteria selection information received from the user and include a peer submission percentage which is based on a number of total submissions by the broker and an average number of submissions received by the peer insurance companies, a peer quote percentage which is based on an average number of quotes provided by the peer insurance companies and the average number of submissions received by the peer insurance companies and a peer binding percentage which is based on an average number of bound policies by the peer insurance companies and the average number of quotes provided by the peer insurance companies. 
     
     
         12 . The method of  claim 1 , wherein the historical information is provided based on a predetermined time period which is one of selected by the user and preselected. 
     
     
         13 . A broker arrangement, comprising:
 a memory storing placement information for insurance policies;   an opportunity tool receiving policy criteria selection information from a user, wherein at least a portion of the policy criteria selection information is unique to an insurance company associated with the user, the opportunity tool further determining opportunity information by searching the placement information based on the policy criteria selection information, the opportunity information including data for insurance policies that are one of scheduled to expire, scheduled to renew and scheduled for submission to insurance companies within a predetermined time frame;   a historical tool receiving the policy criteria selection information and determining historical information by searching the placement information based on the policy criteria selection information, the historical information including performance metrics for the insurance company and average performance metrics for peer insurance companies; and   a user interface arrangement providing the opportunity information and historical information to the user, wherein the opportunity information and historical information is organized based on the policy criteria selection information received from the user.   
     
     
         14 . The broker arrangement of  claim 13 , wherein the unique policy criteria selection information includes one of product group information, product subgroup information and industry group information. 
     
     
         15 . The broker arrangement of  claim 13 , further comprising;
 a correlation element correlating the stored placement information with the unique policy criteria selection information.   
     
     
         16 . The broker arrangement of  claim 13 , wherein the policy criteria selection information includes one of a total insured value (TIV), an event specific TIV, a client market capitalization, a placement hub of the broker, a loss sensitive parameter and a guaranteed cost parameter. 
     
     
         17 . The broker arrangement of  claim 13 , wherein the opportunity tool selects opportunity information that includes data for multiple insurance policies for a selected client, wherein the insurance company is an incumbent carrier for at least one of the multiple insurance policies. 
     
     
         18 . The broker arrangement of  claim 13 , wherein user interface arrangement is configured to receive the policy criteria selection information from a user via a first graphical user interface (GUI), to display the opportunity information via a second GUI and to display the historical information via a third GUI. 
     
     
         19 . The broker arrangement of  claim 13 , wherein the user interface arrangement is configured to provide the opportunity information and historical information to a second user, wherein the second user is associated with a broker for the insurance policies. 
     
     
         20 . The broker arrangement of  claim 19 , wherein the user interface arrangement provides a first graphical user interface (GUI) to display the opportunity information for each insurance policy to the user and a second GUI to display the opportunity information for each insurance policy to the second user, wherein at least a portion of the data displayed by the first GUI is different from the data displayed by the second GUI. 
     
     
         21 . The system of  claim 13 , wherein the performance metric for the insurance company includes one of reasons why the insurance company failed to bind a quote to a client and reasons why the insurance company decided not to provide a quote for a submission.