What started in 1991 with a vision of offering a retail point-of-sale (POS) system, donned the new semblance of a sizeable disruptor in the Property & Casualty (P&C) insurance arena. In 1993, Quadrant innovated the first price analytics tool to compare companies via a multiple quoting systems. Today, Quadrant provides a full suite of pricing analytics solutions for the P&C insurance industry. “We’re the standalone resource for P&C Insurance Providers that powers competitive pricing analytics, rate-making, consumer experience, and content creation to drive SEO traffic. With over 30 years of industry experience, Quadrant gathers, maintains, and updates the industry’s largest P&C rate sets,” says Michael Macauley, CEO, Quadrant.
For a long time, carriers used to factor in the competitiveness of any rate-set only once it is released, resulting in a deep void between their expectation and the rate. Often, the rate would not turn out as competitive as expected. But Quadrant’s pricing support analysis remediates this chronic challenge if implemented during the initial phases of any rate adjustment. Ideally, a carrier’s policy pricing needs to be attractive enough to draw the target risk segment while not sinking the carrier by a negative loss to premium ratio. Pricing also needs to be competitive with other carriers to close sales. “With Quadrant, carriers can address all these concerns. Companies use our data to display competitive position concerning the pricing of the markets selected for analysis. This in turn enables them to determine where their company stands and what needs to change to drive improvement,” explains Macauley.
From a consumer-facing perspective, Quadrant aims to provide content-publishers with real, accurate, and up-to-date data. And as the insurance sector becomes increasingly complex, customers dabble in wrong ideas owing to their grey-areas about this sector. The worst case is, oftentimes they are oblivious about the product which best fits their insurance needs. “It is therefore up to the customer-oriented companies and organizations to represent a more transparent depiction of the industry, and this transparency can only be achieved with reputable and accurate data from Quadrant,” highlights Macauley.
“Quadrant’s suite of insurance data solutions includes two unique pricing analytics platforms for competitive analysis.” MapPro7 is a desktop solution that delivers answers to key business questions for insurance carriers. Built on a solid foundation of underlying data, MapPro7 is the result of our hard work at researching, analyzing, programming, and testing thousands of carrier sets. The tool enables users to perform in-depth pricing analysis beyond traditional batch rating. “MapPro users can analyze data by any modification for any rate-bearing variable to secure their company’s competitive position.”
Next is InsureWatch, the industry’s first and only web-based pricing analysis application. This solution allows users to download pre-calculated and pre-rated reports directly and securely to any device with an internet connection. With InsureWatch’s easy-to-use interface, there is no need for training. “Anyone can access the web platform from any device and download marketing, new vs. renewal, territorial, advertising reports, and more with the click of a button.”
Macauley attributes the observe-and-apply methodology and an always-aware mindset of his workforce at Quadrant for their astronomical feats. “We keep track of new and upcoming rating variables (Internet of Things, autonomous vehicles, usage-based insurance, etc.) to ensure our clients receive the most cutting-edge and up-to-date data available.” This helps them to keep up with the changes in rates. For example, it’s a common practice now to compare, review proposed rate changes to competitor rates. This ensures that the proposed rates will not negatively impact the carrier’s competitive position (rates are priced too high), and it helps identify potential adverse selection (rates for high-risk policies are priced too low). However, by the time the proposed rate gets finalized or approved, the market is eyeing a different rate change. It would be more ideal than a carrier will be able to review its proposed rates against its competitor’s rates three or six months down the road. Surfacing in, the historical data of Quadrant utilizes several ‘lessons-learned’ to foresee a competitor’s rate in the time ahead. “With 30 years in the industry, we know our clients’ needs and continue to bring innovation, accuracy, and data insights to our clients. This is how we have grown from a single-quoting engine for brokers to include a multiple-quoting engine for carriers, rating tools for actuaries, quoting tools for COM companies, and data services for consumer-facing customers.”
Quadrant often headlines on major publications like US News, Forbes, or other mainstream media houses like Lending Tree, TheZebra.com, Nerdwallet, and Red Ventures. As the industry grows more consumer-centric, Quadrant will continue to be the premier source of insurance data for content providers and consumer-facing sites. “With our historical knowledge of how insurance carriers have changed their rates combined with data on their current rate structures, we aim to provide insights into future rate changes and predict where the industry is headed.” Quadrant desires to live and breathe the spirit of innovation, they had since inception and want to facilitate customers with a remarkable insurance-buying experience through actionable insights.