Adopt insurance price optimization: automatically find optimal rates with Akur8*
Define your insurance company’s business objectives and constraints
- Define your optimization problem using a step-by-step process
- Choose your top-line and bottom-line business objectives
- Build individual or ratebook optimization for new business or renewals
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Build optimized pricing strategies and leverage efficient frontiers to explore different options
- Seamlessly combine risk and demand models
- Navigate optimized scenarios and efficient frontiers with guided exploration
- Understand and quantify the business impacts (margin, written premium...) for various pricing scenarios
Export optimal rates in batch for portfolio renewal or as a ratebook structure for new business
- Export optimized rates to your deployment system
- Monitor results in Akur8 and quickly remodel and refresh optimization
Frequently Asked Questions about Insurance Price Optimization with Akur8
In which markets is Akur8's Optim module available?
The Akur8 Optim module is available only in markets where it complies with local regulatory requirements.
Are there any prerequisites to implement price optimization in insurance?
Yes, there are several prerequisites to implement insurance price optimization. Insurers need access to high-quality data sources, advanced data analytics capabilities, and robust, reliable technology — and that's where Akur8 comes in! Our insurance pricing experts can help you assess your current capabilities and guide you along your pricing sophistication journey.
What are the benefits of using Akur8 for insurance price optimization?
With Akur8's pricing optimization module, you can:
- explore and compare scenarios with different constraints and assumptions,
- quantify the expected business impacts,
- improve your overall pricing strategies through automated techniques and advanced data analytics.
Specifically, Akur8's Optim module helps you optimize your pricing strategy to reach your expected written premium or margin, by leveraging your risk and demand models to automatically find the best rates to reach these business goals.
Is Akur8's Optim module made for individual or ratebook insurance pricing optimization?
Akur8's Optim module supports both individual and ratebook insurance pricing optimization. You can tailor your use of the platform in a flexible way, depending on your available data and business strategy.
Does Optim allow both new business and renewals optimization?
Yes, the Optim module allows you to export optimal rates in batch for portfolio renewal or as a ratebook structure for new business. This ensures that your insurance pricing strategy is optimized for all stages of the customer lifecycle, from conversion to retention.
