Capture demand and price sensitivity to adjust your pricing strategy
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, and answers the question "how likely are customers to buy with current prices?” A dynamic model provides the sensitivity of the probability to convert with respect to a price variation, and answers the question "how does changing prices impact demand?”
Leverage external competitor data
Akur8 enables you to feed your price sensitivity analysis 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.
They implemented the solution
“Akur8 is a best-in-class pricing solution. The results we observed during the pilot phase are speaking for themselves, with dramatic reduction in modeling time and more predictive power of the models. This will both accelerate our time-to-market and improve our pricing accuracy, bringing substantial value to our partners and the end-customer, in a time that requires ever more reactivity and transparency.”
“Akur8 has a great solution to a problem that we have – converting data into underwriting actions and so it makes perfect sense for us to work with them.”
”Akur8’s strengths, pivoting on the commodification of prediction power, allow for what we call “The third wave” of insurance pricing: while keeping full control on the process, most of the time of the domain expert is spent on understanding the problem and applying the right solution, not in tedious repetitive modeling tasks.”
