Professional services for insurance

Overview

Pricing

Claims and eFNOL

Cyber risk

Pricing

Traditional pricing considers two factors, risk and frequency. This fails to take account of:​

  • Competitiveness in specific segments
  • Market change and attrition risk
  • Affinity between claim frequency and severity

Enhancing the risk-based approach

Our consultants enhance the risk pricing model delivery with dynamic segment revisions:  

  • Use a multi-variate approach to deliver more sensitive, accurate, tailored pricing to address attrition and demand
  • Counter competitor pricing behaviour across low penetration segments by using simultaneous modelling, dynamic re-pricing and a risk-based approach to model revisions

Solution capabilities​

  • Enhance existing models with new factors, for example by adding the property damage frequency estimate to an injury frequency model​
  • Sales projection updates linking to actual daily conversions with dynamic re-pricing​
  • Price modifications in segments where the dynamic risk model has identified changes in risk costs