AIRMIC AND ADVISEN LAUNCH BENCHMARKING SURVEY
UK Risk Managers can compare limits and rates against peers
The Association of Insurance and Risk Managers (AIRMIC) and Advisen, the leading provider of benchmarking services to the global commercial insurance industry, today announced the launch of a new initiative to provide programme benchmarking to buyers of insurance in the UK.
The AIRMIC Benchmark Survey, produced by Advisen, will be the only one of its kind in the UK where data is collected directly from risk managers, thereby providing the most accurate tracking of buying trends for all major coverage lines across a wide array of commercial insurance buyers.
The survey results will provide AIRMIC members and other subscribers with benchmarking charts using relevant peer group comparisons. The data will make risk managers and other industry professionals more informed in considering the structure and expected cost of their insurance programmes. The service will answer questions such as “How much coverage do my peers buy?” or “Am I paying too much for my insurance?”
The move builds on the success of a similar survey in the United States produced by Advisen for the Risk & Insurance Management Society (RIMS) for the past six years.
Survey results will be provided both in the aggregate, to track the overall market, and for particular sectors in the UK. All results will be anonymous, meaning that the buying pattern of a group of like companies is provided, whilst the programme details of individual members will be protected.
Risk managers who are not currently AIRMIC members are welcome to participate and/or to use the results of the survey in making more informed decisions about their insurance programs.
Commenting on the survey, AIRMIC chairman Colin Campbell said, “I’m genuinely excited about this initiative, which will have obvious and far-reaching benefits. It’s exactly the sort of support that our members say they would value.”
AIRMIC chief executive John Hurrell said, “We have long admired the RIMS Benchmark Survey and are delighted to work with Advisen on producing something similar over here. AIRMIC members and partners have been overwhelmingly supportive, and we look forward to providing the results to them and the market in due course.”
Mason Power, Managing Director of Advisen Europe, commented: "Advisen is delighted to partner with AIRMIC to provide this service in the UK, adding to the world’s largest online database of benchmarking. By combining this data with updated information about the size and sectors of operation, Advisen will deliver a highly tailored peer group comparison. Risk managers overwhelmingly ask for more limit and rate benchmarking before and during policy renewals"
Mason Power, Managing Director Europe, Advisen on Tel: +44(0) 20 7929 6929 mpower@advisen.com
Mark Baylis, Complete Communications,+44 (0) 23 80651473, +44 (0) 7775 693994, mark.baylis@airmic.co.uk
About Advisen
Advisen Ltd. drives growth and profitability for insurance professionals through the broadest platform of analytics and information services. Designed and evolved by risk and insurance experts, and used daily by more than 100,000 professionals, Advisen combines the industry’s deepest data sets with proprietary analytics and applications that drive the risk and insurance lifecycle. Advisen is headquartered in New York with offices in London. For more information, visit www.advisen.com or call +44(0)20 7929 6929.
About AIRMIC
AIRMIC represents risk managers and commercial insurance buyers. Its membership includes approximately 75% of FTSE 100 companies.