A pre-test of the field work is carried out to detect limitations, handicaps, and hidden variables that could restrict the rating of the proposed profiles. Likewise, the pre-test serves to accurately determine the optional coverages to be included in each of the companies analyzed so that the study is as homogeneous as possible.
Once the pre-test is finished, a joint workshop is held with our client to discuss the results and subsequent decision making. The structure of the field work is left completely defined.
03 field work
Field work is the key part of our research. Obtaining quality data is essential for the credibility of the results in studies of this nature. We know, from experience, that the reliability of the data is based on its rigor and accuracy. In this sense, the involvement of the immediate participants in the generation of information is essential, these being the professionals who give direct information to the target audience, namely, brokers and insurance agents as well as the banking professionals involved in customer service. For this reason, IMMARKET has developed the panels of collaborators together with them in order to guarantee the reliability of the information that should be used for each study.
Our panel of brokers and bank employees conduct the field work while closely following all of our guidelines. If you have any questions or suggestions, contact IMMARKET immediately for decision making. Prices are entered in ready-made ad-hoc templates for the project. In addition to the pricing template, we are provided with all the available information they have regarding existing discounts and promotions at the time of the study. These same professionals provide us with updated information to accurately create coverage comparisons between the products of the analyzed companies.
In the cases where we don’t have any collaborators at a given bank, we use the Mystery Shopping technique. IMMARKET has available, as before stated, a direct network of nationally established agents with extensive experience and specialization in these kinds of projects, who carry out pseudo-purchases simulating a specific role adapted to the profile of the product.
04 data auditing
During the advancement of the field work, as brokers, bank collaborators, and Mystery Shopping professionals deliver the collected data (price rates and other documents), a thorough quantitative and qualitative analysis of the information’s quality is done. In the event that an anomaly is detected, a new simulation is performed.
05 data analysis
Once the field work is finished and after having completed extensive quality controls--PDF/paper projects are requested from the broker and made available to our client for consultation--a statistical analysis process is carried out using exclusive IMMARKET software, created ad hoc for insurance pricing projects and with which it is possible to analyze multitudes of data. This software guarantees a calculation of margin of error = 0.
Once the data analysis is completed, an executive pre-report is created and its structure is shared with our client to confirm that it meets the devised needs and objectives.
07 quality control
Execution of an extensive revision of the quantitative and qualitative data presented in the pre-report.
08 final reports presenting the results
Quantitative and qualitative. They include the results of the investigation. They’re presented as follows:
a) Pivot tables with all price rates.
b) Comparative coverage sheets following the model provided by our client in their Briefing.
c) Projects and commercial information obtained during the investigation.
d) Projects, General Terms and Conditions, Product Manuals, and commercial information provided by our Panel of Brokers.