Pricing

Generate more accurate pricing models in a fraction of the time

Pricing

Pricing Matters

With the rise in popularity of price comparison websites, customers can easily shop around for a better deal. It’s more imperative than ever to ensure effective insurance pricing:

  • If the price is too high, it becomes difficult to win or retain business
  • If the product is under-priced, this can result in a block of unprofitable customers.
  • Recent years have seen low investment returns, leaving little room to offset poor product or market segment performance.

Algorithmic Pricing: A Market Leading New Approach

Using ‘machine learning’ techniques gained from Stanford University, Tony Ward has developed a new framework for building Pricing Models, which extends and improves upon the traditional Generalised Linear Modelling (GLM) approach.

Using Algorithmic Pricing users can build pricing models with greater:

  • Speed – model builds that previously took 2 weeks now take 2 days
  • Accuracy – benchmark tests show significant performance improvements compared to the traditional GLM approach
  • Relevance– we can now test unstructured data (social media feeds, underwriter notes)

Book a free, 30 minute consultation with Tony Ward to see if StatCore can help you apply Algorithmic Pricing to your insurance business.

Book a Session

In the words of our customers:

Pricing

It is a real pleasure to work with Tony on any problem - business or statistical - to the point, checking important detail, coming with a plan first, providing ideas and finding the "missing piece" - be it in TextMining, Decision Trees, new visualization required or insurance product pricing. Very insightful, structured and reliable person.

Pricing

Jurek Gurycz

Managing Director, Statsoft Ltd

Case Studies

© Copyright 2018 Statcore

Web design by Shaun Power Design