Analyze the impact of price changes faster
Typical challenges
Misalignment
Difficulty ensuring that pricing updates remain aligned with your company’s business objectives.
Mispricing
Lacking visibility into subsegments makes it hard to guarantee that no part of your portfolio is making a loss.
Efficiency
Each iteration on your proposed prices requires rebuilding your analysis from scratch.
How Akur8 can help insurers analyze the impact of price changes
Perform portfolio level impact analysis and ensure alignment
Gain a macro-level understanding of your portfolio by visualizing KPIs, assessing trade-offs between growth and profitability, and comparing multiple pricing strategies simultaneously to ensure alignment with your business objectives.
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Perform AI-driven impact analysis by segment and prevent mispricing
Achieve a deep understanding of pricing effects across multiple KPIs and portfolio segments by analyzing factors individually and automatically detecting mispriced segments with AI.
Leverage templates and guided workflows to gain process efficiency
Enhance speed and process efficiency by instantly making changes, refreshing your analysis, graphing multiple KPIs and using a streamlined, guided workflow that simplifies scenario comparison and accelerates internal alignment.
Canopius Vave achieved a 6% combined ratio improvement
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Frequently Asked Questions
When is Dynamic Impact Analysis helpful?
Dynamic Impact Analysis is essential to identify the potential financial impact of rate changes. This type of price impact analysis helps insurers understand and explain pricing outcomes so they can develop an effective insurance pricing strategy aligned with their company's objectives.
How is Akur8 dynamic impact analysis different?
With Akur8, you don’t need to spend hours building your analysis from scratch each time you iterate on proposed prices. As part of Akur8's actuarial pricing software, you can leverage templates and guided workflows to save time and gain efficiency, for example by instantly adding scenarios to the analysis and graphing all relevant KPIs.
How can Akur8 help evaluate the impact of price changes?
Akur8 helps you understand how price changes will affect your portfolio. By combining advanced analytics with an insurance pricing model, insurers gain visibility into subsegments to identify underperforming areas and determine where corrective action is needed. By automating repetitive tasks, simplifying simulation and review, Akur8 enables faster, more consistent price impact analysis.
