New data set to aid caravan insurance competition

Tue, 15 Nov 2011

A new data set has been launched that is designed to ensure caravan insurance providers are competing effectively in this field.

Defaqto has come up with a table within its Defaqto Matrix setup - a product research application for providers - that shows whole of market competitor and market intelligence to let insurers know where they sit in relation to other organisations.

According to the independent financial research company, there is significant variation regarding the types of cover on offer in the caravan industry, despite this being viewed as a niche sector.

Mike Powell, insight analyst for general insurance at Defaqto, which has been operating since 1994 and now covers more than 30,000 products in a number of areas, including banking and life cover, said: "It is particularly important for insurers to understand the market landscape to be able to identify or maintain their competitive advantage."

The industry figure noted this is relevant if a group is coming into the field for the first time, reviewing a product that already exists or bringing a new one to market.
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