10 Frequently Asked Questions about LineSlip’s Peer Comps Offering
LineSlip has launched Peer Comps!
Peer Comps is a cutting-edge analytics tool that enables brokers and insureds to compare an insurance program against expected cyber losses with industry peers with respect to limits, retentions, and premiums by line of business. Peer Comps aims to empower strategic decision-making by offering insights into the coverages and limits that similar companies within the industry are buying and for what cost.
We would like to take the time to answer some frequently asked questions that we’ve received from our early access customers, as they’re likely questions that others will have. By answering these questions, we hope to give you a better understanding of our Peer Comps offering and clarify any lingering questions you may have.
Where does the policy data come from?
LineSlip uses proprietary technology to extract and organize the data embedded in insurance policies. LineSlip’s core offering (separate from Peer Comps) extracts data from policy documents and then populates this data into a series of interactive dashboards so users can easily access pertinent policy data in one centralized view. The insurance data extracted from the policy documents is also used to populate the Peer Comps dashboard.
2. Is this a benchmarking tool?
Unlike traditional benchmarking tools that rely solely on survey data, Peer Comps provides details of policies as well as the estimated losses for the industry and revenue range of the company. By visualizing the decision-making strategy of industry peers related to cyber insurance, Peer Comps allows for a deeper conversation about benchmarking with peers and defining the right coverage that fits the client’s risk appetite.
3. How many companies are in the Peer Comps database?
There are currently over 1,000 companies in the Peer Comps database. It is focused on all companies with cyber coverage and where we have been able to source the revenue and industry details. The number of companies will grow as we add new sources of data, onboard new customers, and add new lines of coverage.
4. Where does the company profile information come from, such as size and industry?
LineSlip uses multiple third-party business information providers to incorporate data related to the size and industry of each company on the Peer Comps platform. As most of the companies are privately held and no public data is available, revenue data is often estimated based on publicly available details, such as number of employees and industry.
When possible and moving forward, LineSlip will also capture exposure data rendered on insurance policies and contributed data from our customers, such as gross revenue, to identify the size of each company. LineSlip is also sourcing revenue and industry details directly from the brokers as they update the details for their use of the product.
5. If the information surrounding a company appears incorrect, can it be updated? (e.g., revenue range)?
Yes, of course! While LineSlip makes its best effort to identify the size and industry of each insured, a request can be made by the broker or insured to update the company-specific information to improve accuracy. You can do this by contacting or emailing your LineSlip support contact.
6. Is the insured’s data safe and anonymized? Is there any way to identify the company that each insurance program belongs to?
All data are cleansed and anonymized before they are populated into Peer Comps. LineSlip uses rotating identifiers for each insured so that brokers and insureds can only see the identifiable data for the companies with which they are affiliated. LineSlip’s priority is to ensure there are no data points that could allow a user to identify which company an insurance program belongs to.
7. Which lines of business and capabilities are available for analysis in Peer Comps?
When we were developing Peer Comps, we gave a lot of thought to which line of business we wanted to focus on first. Since cyber liability is a relatively new coverage and given the constantly evolving landscape of cyber risks, there are a lot of questions about whether people are buying enough coverage for a company of their size, what kind of retention people in their industry are taking, etc. It was a no-brainer that cyber liability would be the first line of business available in the Peer Comps platform.
In addition to the ability to compare cyber limits, retentions, and premiums against industry peers, users can also analyze these figures with respect to predictive loss modeling, such as frequency and severity of expected losses depending on the size and industry of each insured.
8. Where does the predictive cyber loss modeling come from?
LineSlip has partnered with Kovrr, a cyber risk modeling company specializing in providing tools and analytics to assess and quantify cyber risk for insurance underwriting and risk management purposes, to acquire predictive loss datasets in the cyber liability space. The predictive modeling is then used to evaluate the limit adequacy of each insured, allowing users to compare the risk appetite of one company relative to its industry peers.
9. Are these estimated losses for my client?
The estimated losses are not for the individual company but are average losses for companies in the same industry and revenue range. Individualized losses for the company can be obtained by contacting Kovrr.
10. Will other lines of business become available in Peer Comps?
LineSlip is actively building out capabilities for other lines of business that will have similar comparative capabilities to that of cyber liability. Please stay tuned for any additional updates we will have to our insurance software solutions in the near future!
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In this blog we’ve answered some frequently asked questions about LineSlip’s Peer Comps offering. We hope this gives you a better understanding of the tool and clears up any lingering questions you may have about our insurance software platform.
If you have additional questions you didn’t see here, please email us at info@lineslipsolutions.com. We are happy to answer any questions you may have.
We’re so excited to officially launch Peer Comps so brokers and insureds can see what it’s all about!