Stats & Market Data
As market leader, eData offers statistics and market data.
With this data, each insurance company can analyse/benchmark
their own data towards the market data.
The benefits are numerous:
- decrease risk
- increase profitability
- compare your portfolio/risk towards the market
- target other markets
- train call center
- loss ratio versus cars insured
- focus on other market segments
Those statistics can assist each Insurance Company in knowing their share versus the market share in each brand make,
This supports you a long with each LR you have for Make to get to have a new product/ scheme or campaign to win more from the market share in your portfolio and increase your profitability
Same alike for decreasing your share within the company portfolio as per the marker statistic which is causing the increase of the loss and get decrees on approaching / marketing the same.
Model year analysis
In this report it will be a sub from Make Analysis report as it will lead to deeper in details in vehicle specification as first category, for example “Toyota as make and all types of models under Toyota Brand Camry/ corolla/ rav4 etc…” or in a segment of year models .
This can help exactly compared with your portfolio that where is the company stands as per the market share and where it can be improved more in the company business.
As of end of 2021 & 2022 witness increases in market prices across New and used cars, with this indication similar analysis is done based on the market values of the vehicles, which will give you indication of your portfolio and where should you increase/ decrease your business scope as per your loss ratio for current/ future plan.
As in UAE approximate 8% - 10% are imported vehicles, and such indication can help you as insurance co. to know you position/ stand on the share that you want to have from the market from insuring GCC or Non GCC under comprehensive cover and the claim history provided accordingly can assist you.