Leverage behavioral and competitor data to model propensity to buy and price elasticity

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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?

Pricing elasticity for insurance pricing diagram
analysis from competitor's data diagram
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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.

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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.

Akur8 variable analysis with geographic heatmaps

They implemented the solution

“This alliance with Akur8 is another proof point of our tech and digital DNA. Embracing best-in-class technology to ensure faster, more accurate and fully transparent ratemaking is a key differentiator and HDI Seguros is excited to lead the way”.

Discover the use case
Get in touch with our team to learn more about the Demand module.
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