SEATTLE, Jan. 27, 2016 /PRNewswire/ -- Milliman, Inc., a premier global consulting and actuarial firm, today announced that Bankers Insurance Group has adopted Pixel™, a competitive intelligence tool for property and casualty insurance companies. Since launching in May, Pixel has provided a unique advantage for companies participating in the highly-competitive and evolving Florida insurance market, and Pixel will soon be available in other states.
Pixel is a web-based, interactive platform designed to give marketing executives, product managers, and actuaries a comprehensive and customized view of the market. Companies can view their own data in Pixel, or they can license Milliman's market baskets, which include competitor premiums for hundreds of thousands of policy profiles calibrated to represent various state markets.
"Our product managers are already reaping the benefits of this tool. It provides valuable insight to the market that allows us to target areas to grow our business where our rates are positioned well in the market while maintaining profitability," said Judy Copechal, President of Insurance at Bankers Insurance Group.
"Pixel is helping companies get ahead in the challenging Florida market," said Milliman Principal Nancy Watkins. "These insurers face intense competition for market share and many stresses to their bottom line. In this kind of environment having the best information makes all the difference, which explains the growing popularity of Pixel. In December alone, three insurers licensed Pixel."
Pixel applies advanced data visualization and machine learning techniques behind the scenes in an easy-to-use tool that analyzes premiums for a given company relative to the competition. Users can filter markets by geography and type of risk, and drill down into the variables that most affect their competitive position. Results are output in user-friendly datasets, charts, and maps that can easily integrate with other software. This information is useful not only in setting premiums, but also in arming agents with valuable insight and in supporting the regulatory process.
To read more about Pixel, go to http://us.milliman.com/pixel/.
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit www.milliman.com
SOURCE Milliman, Inc.