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