Legal and regulatory review for the life and health insurance sector
Financial Adviser Contingency Planning

Why search is a critical function in product analysis

Search is the latest in developments in information sharing. Seth Godin has an excellent post about the development of information sharing and how that has been a revolution driving forward our development as a species. Life and health insurance research is, I admit, not quite as exciting as the development of written language. However we took a big decision to make all our data searchable.

That means that for almost tens years of product data we can find the product version, the specific clauses, and find the sub clauses and conditions that contribute to a better or worse wording. We quantify the impact of that and our reasons why. It is a trail of data that is roughly 50,000 data points wide by ten years long. Searching across the data enables analysis of how product improvements have been applied by companies over time. We can directly relate those to the price charged over time as well, because we took the same decision for pricing data. Only that data is a huge motorway by comparison. Our most recent pricing database has two million data points and the path goes back almost 20 years now.

To add to these great rivers of product and price data we have some tributary streams. We have tracked commissions data for about ten years, quarterly. We recently took our non-searchable news database and 18 months ago renovated that to make it so that it is properly indexed and can be connected to the product, price, and commission data flows. Now when someone comes to us and says 'how did X product compare on Y date?' we can tell you. We can tell you each of the steps between that comparison and today. It's a great resource for product management, heads of sale, and heads of marketing. It is great for advisers too. Predictions about the future usually use past data extensively. Helping advisers with complaints and challenges, assisting in the analysis for current clients with older products, all that data is available to you.

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