Industry Trends | Read Time: 3 minutes

IVANS Index: Industry Insights to Help You Run Your Business Better

April 6, 2017

By: Brian Wood

More than a year ago, the IVANS team asked agents and insurers, “What insight is missing in the industry that you truly need to better run your business and serve your clients?” The resounding response was policy renewal pricing guidance. With that feedback, we set out to provide the industry with a set of insights that started with the premium renewal rate change graph below, created after months of data collection, analysis and interpretation.

One of the most important responsibilities of underwriters is to effectively price renewals.  Many variables play into this decision: Loss frequency trend of similar risks, loss severity trend of similar risks, overall combined ratio of their book, changing dimensions of the insured, competitor pricing decisions, and many other factors. With IVANS Index, underwriters can access data-driven insights on industry pricing trends to provide greater confidence in their pricing decisions.

For agents, setting a client’s expectations as a renewal is on the horizon is the best way for an agent to increase retention and grow their book. The most important question that a client will ask is, “How much should I expect to pay this year.” Agents armed with the IVANS Index will be able to better prepare their clients for renewals and explain options to clients as they become available.

The IVANS Index will be available to agents and insurers monthly.

Key findings from the report include:

  • Commercial Auto: Premium renewal rate change averaged 2.71% for the quarter, ending at 2.61% for March; renewals have held steady above 2.5%and below 3.0% for the quarter.
  • General Liability: Each month of Q1 demonstrated a consistent premium renewal rate change average, with 2.07% for January, 2.02% for February and 2.04% for March.
  • Commercial Property: After reaching a premium renewal rate change of 2.71% at the end of 2016, premium renewal rate change fell in Q1 to an average of 2.66%.

As the industry’s largest digital distribution network of 30,000 agencies and over 380 insurers and MGAs, IVANS stands as the best source of industry renewal rate change insights.

For further insights into premium renewal rate change across the industry, download the latest IVANS Index report now >


Brian Wood

Brian Wood, Vice President of Data Products Group for IVANS, develops innovative and data-driven applications, tools and services for the insurance industry. Prior to this position, he co-founded EvoSure, which was acquired by Applied in Sept 2015. Brian spent 10 years with Marsh & McLennan as Senior Vice President of Strategy and Business Analysis where he developed global insurance distribution platforms. Brian began his career in insurance building the first company to bind insurance online, insuranceOrder.com (a Trilogy company) which was acquired by Marsh & McLennan in 2001.