Data driven underwriting is a powerful and proven combination of the solutions Risk Based Pricing, Dynamic Pricing, Portfolio Forecasting. This solution empowers insurers to closely monitor and steer the performance of their portfolio, by setting premiums based on individual risk, conversion and churn.
General premium increases will result in a detoriating portfolio, since the positively contributing profiles will find a more attractive offer at one of your competitors. Predict which profiles are positively contributing to the profitability of your portfolio and target premium adjustments to individual risk.
The insurance product is homogenuous in the eyes of the customer. Resulting in a market that is increasingly premium driven and in which consumers choices are heavily influenced by comparison websites. To grow the volume of your portfolio it is essential to make the consumer a competitive offer. This solution predicts tomorrow's premiums of your competitors and determines an optimal premium for the individual for your offers.
It is important to have insight in the profitability of your portfolio at any point in time. However, you want to know up front if your portfolio is heading in the right direction, and if it remains healthy the way things currently go. Predict the profitability of your portfolio and be able to take proactive actions to further improve its profitability and the loss/combined ratio by the end of the year.