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If you work in the competitive intelligence space in the insurance industry, you’re probably well aware of the importance of analyzing your competitors. One of our goals at Cipher has been to pull industry specific data from sources like the National Association of Insurance Commissioners (NAIC) into our market and competitive intelligence tool, Knowledge360Ⓡ. Until recently, that’s not been possible. But now, thanks to a change in the way data can be exported from NAIC, Knowledge360 users can now view important up-to-date information from NAIC from inside their Knowledge360 dashboards.


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What is NAIC?  


The National Association of Insurance Commissioners, or NAIC, exists to set the standards for the insurance industry and provide guidance to regulators. Their goal is to make insurance regulation easier by helping states and territories create uniform regulation policies ultimately protecting consumers and ensuring fair and healthy insurance markets. 

One of the ways that they do this is by making important financial, licensing and complaint data publicly available to the insurance market and insurance consumers. Through the NAIC product, InsData data sources are available via Consumer Information Service (CIS). 

Using InsData CIS data anyone can view information on more than 4,800 multi-state insurance companies.A) System, anyone can view SERFF filings for different insurance providers. The service is available in nearly all states, with the exception of Florida, Massachusetts, and Washington. 


The Role of InsData Consumer Insurance Data in Competitive Intelligence

Data plays a huge role in competitive intelligence functions at insurance providers. Reviewing required filings like SERFF offer insurance companies visibility of new products their competitors are launching, as well as upcoming product and rate changes to competitive products. 

InsData CIS financial data provides premium revenue by line of business, net income and more. Additional CIS reports include licensing information and complaint data by code, state and trend.   

Needless to say, receiving financial, licensing and complaint information about competitors business is critical to the success of any competitive intelligence endeavor. Access to this information can shape all kinds of strategic decision making, including product development, resource allocation, and pricing.

InsData CIS data, while clearly highly valuable, has historically been difficult to process programmatically, because of the way that the NAIC made the data available. With the recent changes, that data can be viewed right from the Knowledge360 dashboard.

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Understanding the Changes 

With this recent update, it’s now possible to extract data from the NAIC systems using Tableau. Previously, data extraction had to be done manually, and there wasn’t a practical solution for competitive intelligence teams to access and analyze the data – meaning that more often than not, this highly valuable data would go underutilized.

By adding the ability to extract this data using a well adopted tool like Tableau, the NAIC has opened up their pool of data to wider analysis. Make no mistake – this represents a huge win, and a huge opportunity, for competitive intelligence functions in insurance providers. 

Cipher’s Knowledge360 users have access to this from inside their dashboards. Incorporating this new data source, your competitive intelligence team will have the benefit of seeing this information in the context of other key competitor data.

How Does This Work in Knowledge360?

Key Consumer Insurance Search (CIS) information from the NAIC system can now be pulled into Knowledge360 and displayed on your dashboard. Users have a single view containing  lines of service, jurisdiction licensing, a company financial overview and all consumer complaint information. Any of this information can be shown alongside industry breaking news and the latest insurance merger & acquisition deal information. The image below shows an example of what NAIC’s CIS data looks like in a Knowledge360 dashboard. 

In this example, the dashboard shows data for a randomly selected company, 1st Atlantic Surety Co. The dashboard displays several different types of information pulled from the NAIC, including:

  • A Corporate Financial Overview
  • National Complaint Index Report
  • License Report by State

The view can be updated to show any insurance provider who files with NAIC. To do so, all the user has to do is search for a specific company using either their name, or their NAIC company code. The NAIC hosts a list of company codes on their website. Within Knowledge360, it’s possible to filter by state and insurance type to build a more granular view of larger insurance providers who operate across state and product lines. 

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We firmly believe that access to this data set inside Knowledge360 will have a huge impact for competitive intelligence practitioners and analysts working within the insurance industry. Access to this powerful data set offers great potential and we’re excited to share how our existing customers within the insurance industry can incorporate it into their dashboards to provide even more value to their CI consumers. 

Competitive intelligence practitioners with Knowledge360 now have quick, easy access to the most up-to-date information about their competitors’ insurance lines and jurisdiction areas as soon as that competitor files new information with state regulators. Visibility of this data greatly improves the ability of competitive intelligence functions to provide reliable, insightful analysis on the activities of their competitors. 

Ultimately, companies working in or servicing the insurance industry, who use Knowledge360 to access this information will be better positioned to respond to market data and competitor developments than those who have to manually copy and paste information from multiple sources to offer a similar comprehensive view of the same information. 

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