Is the cost-based (or actuarial) pricing the best approach for insurance companies?
We offer a price optimization tool where we deliver the price of the competition, and the optimal price:
. The optimal price that reduces the churn rate in the long run
. The optimal price that maximizes the margin
. The optimal price that maximizes the share of preferences (~market share)
We use behaviour data and experimental design to predict value, and manage price, not to reduce cost.
The Lazarus product (WIN-BACK operation) enables insurance companies to recover customers by presenting a competitive price (through price optimization).
The result will be an optimized price that maximizes sales or the margin for each customer. With the reasonable assumptions, it is possible to have a credible return of the marketing investment of >30% in the application of this product.
We narrow the list of possible anomalous claims and make the audit process manageable:
. Cloud or API deployment - no software layer
. Anomaly detection and compliance checks
. Alert investigation
. Risk identification using predictive analytics
We love insurance: The idea that people can share risks and help each other in difficult times is one of the greatest humans breakthroughs.
But... yes, there are other sectors that we care and love.
Check out our other projects and algorithms and ask for a presentation
We love our clients, so set up an appointement.
Or ask for presentation according to your needs.
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