Data XL allows companies to set-up the best price.
Price will be no longer based on cost, but on customers' perceived value or on market rules.
This premium price either reduces customer churn, optimizes customer price preferences (~market share), maximizes the margin and much more.
We use behaviour data and experimental design to predict value, not to reduce cost.
Data XL has developed an algorithm that, with experimental design, can capture competitor pricing, enabling Data XL clients to offer MARKET PRICE and support the willingness to pay measurement and the setup of the VALUE BASED PRICE.
Data XL uses a GLM model to predict the willingness to pay (VALUE BASED PRICING) with a "secret sauces".
Customer willingness to pay is measured using the same risk factors that all insurers use and the market price [a plus].
Data XL's "secret sauces" is the sample data.
Big data or observational data cannot measure with accuracy the true willingness to pay. Experimental design gives causality (true willingness to pay). This experiment information is first collected via surveys, therefter with backtesting and live experiments.
Data XL uses all the information mentioned to optimize the price (margin, share or retention).
Data XL unique approach bears in mind competitor pricing as well as the customer’s individual characteristics (the same basis of the risk approach). It is therefore more comprehensive than it's competitors and more precise.
Data XL platform has the following modules:
Our mathematical algorithm is more comprehensive than others on the market. In fact we are the only ones that combine risk cost, competitors' view and willingness to pay.
Futhermore, while our competitors opt to sell a software platform not a solution, they do not isolate the price from other marketing mix elements. Therefore, their solution is based only on (lowering) the price.
Check out this great video that we used on F10 DEMO DAY in Zurich
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