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Pricing

Brochure:

Balancing The Tight Rope Of Pricing Innovation

Language: English
The field of Pricing within Insurance is more often becoming an area of strategic focus and innovation. Insurers that classically haven’t innovated through pricing, now are. The goal is relatively obvious. To use data and quantitative methodology to make pricing more accurate (lowering loss ratios) and to improve the underwriting performance of tariffs (i.e. boosting margins and conversions). There is however a careful balance when successfully innovating a pricing cycle. At times this feels like walking a tight rope where you are carefully balancing defensive methodology along with offensive methodology. Understanding the distinction is important. It enables a pricing department to identify their blind spots and potentially better understand the risk/reward relationship of the changes to the pricing cycle that are being developed. Read in this article, how pricing agility can help you balancing the rope of Pricing Innovation

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