Analytics & Benchmarking

The combination of insurance benchmarking and analytics allows you to compare your insurance terms across different insurers. This helps your organization negotiate competitive pricing consistently.

Thanks to the deep insights into your operations and how they might differ from broad industry trends, you can also evaluate your policy’s effectiveness more reliably. Based on the data gathered, you may decide to redesign your policy or streamline operations for future savings.

Finally, regular insurance benchmarking makes you a more valuable business partner. Once you identify potential operational deficiencies or gaps in coverage, you can address compliance obligations more effectively. While this drives cost optimization, it’ll also facilitate additional strategic partnerships, as you can use your up-to-date benchmarking data as leverage in business negotiations.

Advanced data analysis will provide you with deeper insights into your policy’s cost structure. Useful as that data may be to optimize your coverage, it can also contribute to your overall business strategy.

Once you understand your resource allocation at a deeper level, you can guarantee each component of your policy aligns with your business interests, whether you focus on business continuity to protect your reputation or on transferring certain types of risks to optimize your ROI.

Proper insurance benchmarking gives you insight into your current risk exposure and the focus of your insurance strategy. You’ll require different coverage at various stages of your business’s lifecycle, so it’s best to constantly identify areas of improvement, like you would within your business.

Your Marsh McLennan Agency consultant can also apply predictive analytics to your plan so you can recognize patterns over time that would otherwise go unnoticed.