As the average insured this is not easy. It requires market data - other policies from other providers in the market. Naturally, you can go through a quote process with multiple providers and compare the offers - but this can be quite time consuming and requires in-depth understanding of the difference between one formulation and another. Generally speaking the business insurance market is brokered. The disadvantage of brokered markets is that they are non-standard. Each tweak is sold by the brokers as adding a unique value which it is hard for non-specialists to consider objectively. Nevertheless, the brokers understand this diversity of coverage terms and can help insureds match up complex bundles of needs with an appropriate price. They are oracles for the insurance market - their knowledge is often based on rumour as well as data, but their brokerage fee includes knowledge of benchmarks. Insurers too can go through their own benchmarking process - in B2B lines they cover insureds based on their own terms as well as on the terms offered by others. This gives them some kind of overview. Most insurers haven't actually done this kind of benchmarking exercise, to be honest, as they regard it as a huge manual exercise. There are methods and technologies out there that can help, however - I spent 10 years developing one, and in the meantime other tools and methods have also come out to support such initiatives. Unfortunately, insurance is a highly specialised area, and incumbents don't willingly share this kind of information - unless, like brokers, they are paid to do so.
Hi Rory.. That was quite insightful.. Can I contact you over linkedin, as I wanted a little more understanding on the kind of research you have been doing..