Compete smarter as an MGA/MGU with the right pricing software
Typical challenges
Competitiveness
Lack of visibility into how your pricing compares to the competition, making it harder to explain low conversion in certain segments.
Elasticity
Uncertainty around how much to adjust prices for different segments without hurting conversion or profitability.
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Impact
Difficulty anticipating how different rating strategies will affect key KPIs like profitability and growth.
How Akur8 can help MGAs /MGUs stay competitive
Benchmark conversion performance to uncover pricing weaknesses
Quickly and automatically assess how your pricing performs across different risk factors by comparing observed and predicted conversion rates, identifying segments where pricing may be misaligned with the market, and uncovering missed opportunities.
Segment based on price sensitivity to optimize commission strategies
Use automated elasticity detection to quickly uncover how different customer segments respond to price changes, helping you fine-tune commission strategies that either boost conversion or improve margins - all without relying on guesswork.
Simulate pricing strategies and evaluate their commercial impact
Test multiple rating strategies at once and compare their expected impact on key business metrics - from margin to growth - so you can confidently choose the more robust and forward-looking insurance pricing strategy, based on clear trade-offs and financial projections.
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AllClear Travel Insurance deploys Akur8 to empower its pricing team
Frequently Asked Questions
What are the main benefits of Akur8’s pricing for MGAs/MGUs?
Akur8’s insurance pricing software empowers MGAs/MGUs to make smarter, data-driven decisions. The platform increases competitiveness and drives growth by quickly identifying where your pricing is misaligned with the market. You can segment risks based on price sensitivity for more effective pricing actions.
What is Akur8 Demand?
Akur8 Demand is a module that leverages behavioral and competitor data to model propensity to buy and price elasticity. It's part of Akur8's integrated pricing solution.
What are the key benefits of Akur8 Demand?
Akur8 Demand helps you assess how likely prospects are to buy at current prices and how price changes will impact demand. By leveraging external competitor data, it provides in-depth insights into market pricing dynamics. It also supports geographic demand modeling, enabling better pricing decisions both globally and locally.
How is Akur8 helping MGA/MGUs increase competitiveness?
Akur8 helps MGA/MGUs stay competitive with the right MGA pricing software in a rapidly evolving market by enabling them to:
- Assess pricing performance across different risk factors
- Uncover missed opportunities
- Detect shifts in price sensitivity to support more targeted actions
- Test multiple pricing strategies and evaluate their impact on key metrics such as growth and margin
How does Akur8 help to uncover missed opportunities?
Akur8 uncovers missed opportunities by benchmarking pricing performance across different risk factors and comparing observed versus predicted conversion rates. This quickly pinpoints where pricing is misaligned with the market, helping explain and address conversion underperformance.
How does Akur8 streamline processes while maintaining transparency?
Akur8's actuarial pricing software automates and optimizes key processes while keeping expert human judgement in the loop. You maintain full visibility and control at every stage to ensure explainability and auditability. With templates and guided workflows, you can save time and move faster. For example, you can instantly add scenarios to the analysis and graph multiple KPIs.
