Automation of Insurance Pricing Model

Business Needs

• To create a tool to assist in development of pricing models for various products and markets

Key Features

• Linked to the production Datawarehouse for import of policies for rate development
• Upload of policies parameters from multiple sources like xls and csv.
• Iterative process for rate development ; Impact analysis for changes in premium due to changes in base tables/ policy parameters
• Ability to upload multiple set of base tables against which policies can be  scored
• Interim results calculation to help identify changes at peril level
• Automated scoring of new business against proposed rates for competitive analysis and identification of niche markets

Benefits

• Identification of Niche markets/ customer segments with low risk and high returns
• Speed to market – Faster rate development and validation