data driven underwriting

Data driven underwriting is a powerful and proven combination of the solutions Portfolio Forecasting, Dynamic Pricing and Customer Segmentation. This solution empowers insurers to closely monitor and steer the performance of their portfolio, by setting premiums based on individual risk, conversion and churn.

Conversion

Predicts the probability that an individual will convert on a specific offer

Business results

  • You know what premium to offer an individual­ to optimize the conversion and churn rates
  • You know what your loss or combined ratio will be by the end of the year­ 
  • You know what profiles have a good and what profiles have a bad contribution­ to your portfolio

Consumer results

  • *Competitive* premiums Competitive­ premiums
  • Premium based on *individual risk* Premium based on individual risk

data driven underwriting is a combination of


 

risk based pricing

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.

 

Risk

Predicts the amount that an individual is going to claim in a given timeframe

Business results

  • Know which profiles have a positive contribution to your portfolio
  • Targeted premium changes

Consumer results

  • Premium based on *individual risk* Premium based on individual risk
  • Rewards for *good behavior* Rewards for good behavior

competitive pricing

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.

 

conversion

Predicts the probability that an individual will convert on a specific offer

Business results

  • Higher conversion rates
  • Competitive­ offers

Consumer results

  • *Competitive premiums* Competitive premiums

portfolio forecasting

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.

 

Conversion

Predicts the probability that an individual will convert on a specific offer

Business results

  • Predictive insight­ in portfolio performance
  • Proactive actions to optimize loss or combined ratio

Consumer results

  • Security that *insuring party is healthy performs well* Security that insuring party is healthy performs well