How to use Price Benchmarks

The Benchmarks Tab within a Case provides pricing insights through advanced comparison tools that help users evaluate whether their insurance policies are competitively priced. This functionality leverages Advocate’s national policy data set to provide benchmark visuals and metrics.

The Benchmarks Tab currently supports price comparisons for single-asset policies only and includes two tools:

• Geolocation Benchmark – Compares a policy's Rate on Line (RoL) to other similar policies based on geographic criteria.

• Carrier Benchmark – Compares a policy's RoL to other similar policies grouped by insurer (Carrier).

The benchmarking tools are designed to support informed decision-making at key moments in the insurance review process:

• After a policy review is complete

• When assessing the competitiveness of a quote

• To support waiver requests or push back on unexpected premium increases

Follow these steps to utilize the Benchmarking features effectively:

1. Open a Case
   Navigate into any case file where a policy review has been completed.

2. Click the Benchmark Tab
   Inside the case, select the Benchmark tab to access comparison data.

3. Review Market Comparisons
   You’ll see how your policy compares to other “like-for-like” policies—filtered by geographic location and key risk factors.

Anyone with access to a case that includes a completed policy review can use the Benchmarking tools.

• Policy Selector – Users must select a Policy from the Case to generate benchmarks.

• Geolocation & Carrier Toggle – Users can switch between geolocation-based and carrier-based benchmarks.

• Benchmark Chart Area – Displays box and whisker plots representing RoL distributions for different segments.

• Filter by percentile range (e.g., 10/25/50/75/90).

• Apply date filters for Policy Effective and Expiration Dates.

• Toggle visibility of each benchmark plot (e.g., Zip Code, State, National, All Coverages).

• Visualize the selected Policy’s RoL as a line overlay across benchmark plots.

Each benchmark chart provides delta metrics to indicate how the selected policy compares:

• Delta to 75% Percentile

• Delta to Median (50%)

• Delta to 25% Percentile

If the selected policy lacks sufficient comparable data, a placeholder graphic and message will appear (e.g., “There is no chart to plot”), prompting the user to select a different policy or adjust filters.