Insurance pricing is rightly a complex and time-consuming process. Many insurers and intermediaries are reliant on old software, which not only demands more time and resources but also increases the likelihood of human errors and inefficiencies. For professionals who value accuracy and efficiency, this is frustrating. Thankfully, there are innovative solutions that can massively boost productivity and accuracy. They are easier to use and offer simpler but intuitive functionality. This is the future of insurance pricing that every insurance pricing professional should know. In the past, insurance pricing professionals faced challenges due to the limitations of traditional pricing tools. These tools required extensive manual input and lacked integration with the Policy Administration System (PAS) and live environment, leading to data mismatches and inaccuracies in pricing. As a result, customers received incorrect prices, negatively affecting both their outcomes and the company's performance.
Watch and listen to this article or scroll down to continue reading
However, there has been a significant transformation with the introduction of next-generation pricing software. This shift involves adopting cloud-based solutions that prioritize simplicity and intuitive functionality. Enterprise Pricing Management (EPM) from MavenBlue is one of these new solutions. In EPM Integration with the PAS and the live environment is seamless which eliminates data discrepancies and improves pricing accuracy. In this tool the data used for analysis is the same as the live data so reducing the occurrence of mismatches.
While old generation pricing tools can do a lot of things it can be time consuming and complicated to achieve. You may have to create many multiple components to achieve one thing. Then copy them and remap for multiple purposes and perils. None of that is an issue in EPM. EPM streamlines the pricing process with its on-rails approach, guiding insurance professionals through each step with a simple point-and-click method. On-rails pricing software reduces effort and ups efficiency. No longer burdened by complexity, pricing tasks are now accomplished effortlessly, allowing professionals to focus on strategic decision-making and delivering superior customer outcomes.
The ultimate goal of pricing software is to enable pricing professionals to make accurate pricing decisions effortlessly, ultimately leading to improved efficiency and effectiveness in the pricing process. This is what the old generation pricing tools can’t offer. These tools often require extensive manual input, complex configurations, and lack integration with other systems, making the pricing process time-consuming and error-prone. As Steve Jobs aptly put it, "Simple can be harder than complex”. While nowhere near Apple levels of simplicity, EPM does achieve a marked improvement over older tools with their on-rails approach.
While it may not offer the same level of customization as traditional tools, EPM compensates with its user-friendly interface and intuitive functionality. You can get going with making and changing your tariffs without a lot of boilerplate build work. Software that just works, without the need for extensive and repetitive build, is a true ally for teams seeking efficiency and focus.
Why should you choose the next generation pricing solution? What’s in it for you? Well, EPM is a good solution for teams seeking straightforward functionality. Plus it can perform optimization. A pricing solution that you can journey through and have something that just works at the end. Cloud resources are spun-up as needed so you don't have to rely on your desktop or laptop to carry the modeling strain.
You will greatly benefit from the availability of accurate policy and claims data without the need for additional setup. Creating and managing massive files will no longer be necessary as this data is readily available within the EPM system, allowing for additions using a point-and-click approach. Experience the ease of simple cross-validation and model building. Effortlessly comparing models across various statistics. Build your entire tariff within the engine and witness instant impact analysis and projections without any additional effort. The hassle of manually aging factors for LTV is eliminated, as the tool automatically ages all factors with just a simple listing, sparing you from the need to search for or write formulas. Producing LTV as a matter of course.Multi-year LTV is readily available, derived from the work already done, saving you valuable time and effort. Uncover opportunities by analyzing both leavers and retained policies.
In today's competitive market, where agility and responsiveness are critical, next-generation pricing software like EPM is a game-changer. How we adapt and utilize the cutting-edge solutions for better results is crucial for us to stay ahead of the competition. Change is necessary and is constant, and how we treat them spells the difference. While some may hesitate to try new approaches, others embrace innovation and achieve remarkable results. How about you?
Contact me to talk about what pricing software is right for you and your team.