Leverage behavioral and competitor data to model propensity to buy and price elasticity
Model propensity to buy and price elasticity separately
Akur8’s robust methodology enables you to model propensity to buy and price elasticity separately. A static model provides the probability to renew/convert under the current pricing strategy, which answers the question “How likely are people to buy insurance using current prices?” A dynamic model provides the sensitivity of the probability to convert with respect to a price variation, which answers the question “How do changing prices impact demand?”
Leverage external competitor data
Akur8 enables you to feed your price sensitivity analyses with external competitor quote data. Demand modeling starts from a database of quotes - either new business or renewals - containing both customer profile information and an offered price. Using competition data enables in-depth analysis about market price dynamics.
Include geographic analysis
The “Geographic Demand modeling” feature unlocks geographic analysis for both conversion rate and elasticity modeling. Accurately modeling geographic elasticity enables better decisions for your portfolio - globally as well as locally.