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Enterprise Pricing Management

In today’s world Pricing Professionals in Insurance have a wide range of choices to build both risk and commercial models. Managing those models can be challenging. Especially when integrating those models into core systems. MavenBlue offers a management layer to easily and directly integrate pricing models into core systems while simultaneously enabling real time monitoring and recalibration.

Enabling Integration & Real Time Monitoring for Pricing Models

MavenBlue’s EPM Platform

MavenBlue’s Enterprise Pricing Management platform (EPM) is designed with pricing teams in mind. Specifically at the intersection of where a pricing model needs to be used in a commercial setting. Integrating pricing models with speed and simplicity into a variety of core systems. Enabling insurers to safe time & cost, while enabling insurers to build more accurate pricing models.

Ease of Integration

MavenBlue has built a proprietary methodology to convert pricing models such as GLMs, GBMs, GAMs, Random Forrest Tree models and more into compile-able code. Enabling EPM to deliver a small executable which can calculate a tariff from within/close-to core systems themselves. Currently integrated with Keylane and Salesforce policy admin.

Speed of Execution

When integrated, pricing models can be altered/updated in minutes. Combined with an active monitoring approach insurer can enabling an agile pricing approach to deliver a new dimension to underwriting performance.

Management, Governance & Transparency

Pricing can be coordinated from EPM to many distribution points. Users access a central cloud based solution. Enabling centralized price execution and management delivering governance and transparency.

A Next Generation Approach to Price Management

Take ultimate control of your pricing process

Gain insight into your portfolio’s policy and claim data

Present trends over time of the portfolio data and of key performance indicators like the combined ratio, cost ratio, claim frequency and profitability.

Analyse your portfolio at the lowest level by applying filters and selections.

Define and show behavioral metrics like multi claimers, rapid claimers, rapid churners.

Assess, enhance, design and review models and tariffs

Compare different models based on model statistics like inverse Gini, double lift charts, confusion matrices and many goodness-of-fit statistics.

Compare different models on a per factor basis with actual versus fitted plots.

Show confidence intervals around the model predictions and on a per factor basis.

Manually change model values and get instant feedback on the impact of this change.

Keep track of all your models in the Model Management Library, review models and tariffs, including digital sign-offs.

Keep your risk models always up to date

Automatically find weak spots in existing models and find a better model when new data is fed into the software, e.g. based on new claims.

Manually change model values and get instant feedback on the impact of this change.

Assess commercial strategies by scenario based portfolio projections

Model portfolio dynamics like expected inflow and outflow.

Define scenarios based on different commercial tariffs, inflow and outflow models.

Project the portfolio under the different scenarios into the future.

Create commercial tariffs based on the scenarios and projections.

Evaluate expected profits and other key performance indicators of different scenarios and commercial tariff.

Take ultimate control of your pricing process

Keep all your models together in the Model Management Library.

Review models and tariffs, including digital sign-offs.

Import and export models in different formats.

Possibility to integrate existing R and Python scripts in EPM.

Execute your models and deliver real value

Possibility to integrate with existing rating engines or policy admin systems.

End-to End Price Management

Transforming Insurance Pricing

Explore Portfolio Data

Select subsets of the portfolio on all risk drivers and tariff factors
Filter large and small claims
Filter coverages
Present the portfolio data in a geographical way
Present trends over time
Define and show behavioral metrics like multi claimers
Get insight in the claim distribution

Monitor Commercial Tariffs

Monitor performance of commercial tariffs compared to e.g. most recent cost price
Compare tariff’s key performance indicators with the expectations or budget
Automatically find spots for improvement based on price sensitivities or updated cost price models

Interrogate KPIs

Number of policies
Premium volume
Claim amounts and frequencies
Profit
Growth
Expected and realised

Analyze competitors

Analysis of competitors’ tariffs based on machine learning
Automatic optimization of the tariff by using Modern Portfolio Theory
Individual price optimization taking competition or outflow probabilities into account

Enhance Models

Model Library to keep track of all models
Define models for risks (claims) and costs
Define models for inflow (conversion) and outflow (lapse)
Define other models, for example customer lifetime value models, upsell models, competitors, etc.
Use the automatic machine learning algorithms to automatically improve your models based on new data
Compare models with each other based on many different statistics

Build management reports

Periodic reports containing key performance indicators of your portfolio and tariffs
Low level reporting for specialists

Portfolio Projections

Define scenarios by selecting models for risk, costs, commercial prices, inflow and outflow
Project scenarios and compare them based on key performance indicators and more detailed information
Parametric or model based ageing of specific risk and tariff factors

Real-Time Rate Execution

Real-time pricing engine functionalities
Model and rule based real-time price setting
No more differences between analytical and production environment

Full Governance and data security

Audit trail in all key processes to support your regulatory demands
Digital sign-offs of models and tariffs
Secured database and dataflows
Compliance with IT requirements

Services

MavenBlue provides a range of services to meet individual client requirements

Tailor-made functionalities

Add tailor-made functionalities to adapt the EPM Solution to your own pricing framework and way of working. Reuse your already designed R and Python models by embedding them in EPM’s AI Model Engine. Your custom requests are implemented with the same quality and care as the standard functionality, and are fully documented and system tested before delivery to your acceptance test environment.

Interfacing

The EPM Solution can interface with your current systems in different degrees of robustness, but preferably it has an interface with your administrations for policies and claims. You can connect to the standard interfaces provided by the EPM Solution or we can develop a specific interface for your databases or systems.

Configuration

Some last steps need to be taken care of in order to make the solution ready for your analyses. Configure your current models and product structure and import your policy and claims data. Then the EPM Solution is ready to go.

Training

Training sessions will be organised using practical examples related to your business. MavenBlue will ensure that you will be able to use all of EPM Solution’s functionalities and its many applications most effectively. Within the EPM Solution, online explanation and instruction is at your disposal.

License

The annual modular license fee gives access to the EPM Solution features and all software updates for a one year period. Select the modules you need and choose a cloud, a private cloud or an on-premise implementation. License fees vary based on your implementation choice, premium volume and selected modules.