The numerous risks involved in insurance pricing have created a deep-rooted fear inside many firms, what with how much damage it can do to an insurer. Apart from the fact that it is prone to inconsistencies due to human error, varying interpretations, and subjective judgments; there is also the issue of time consumption, especially when dealing with large volumes of data and complex calculations.
Price Writers must gather and analyze data and then deploy complex prices without error. Which can lead to delays and long lead times. Especially for genuinely meaningful updates to rates. These delays can impact retention and conversion and hinder our ability to respond quickly to market changes.
Any of us that have been in general insurance for a long time will have lived through the days when we had to do everything ourselves. The days of separate data sources, systems, tools, and rating engines. Even the largest providers of pricing software have been unable to integrate the functions into one tool. As the saying goes, “Unity is strength. When all the tools are gathered, it is easier to build."
But Quantee brings everything under one roof. No longer would you have to set up factors in your data, fit them in a tool, then deploy them in a rating engine. Which can end up with mismatches and problems leading to refitting, rebuilding, and delays. The past was separate limiting software for modeling and deployment, but the future is flexible and integrated all in one.
Quantee is the most powerful pricing software available. It can compare multiple models and optimize easily and intuitively. You can define your own optimizations for what you are trying to achieve with very flexible constraints. Plus, it automatically produces reports.
What makes Quantee so special? Quantee has a variety of features that single it out from other pricing software. The following are a few of what it can offer you:
• Quantee has many model types and the flexibility to add your own
• Lots of USEFUL diagnostics and statistics
• Effective data cleaning and processing available in the tool
• Setup and transform features at your disposal
• Automated modeling with human input
• Very easy and very powerful A: B: N testing
• Simple and well governed deployment
Having lots of accessible diagnostics and statistics as seen in Quentee, empower us to evaluate model performance, validate and compare different models, identify limitations, ensure regulatory compliance, and drive continuous improvement. This tool provides valuable insights and enables us to make data-driven decisions, enhance pricing accuracy, and stay responsive to evolving market dynamics.
Effective data cleaning and processing as seen in Quantee are essential because it enables reliable and accurate pricing decisions heavily relying on high-quality data. Effective data cleaning and processing techniques ensure that the data used for pricing is free from errors, inconsistencies, and outliers. Data quality directly impacts the customer experience, and inaccurate pricing due to flawed data leads to incorrect premium rates. Effective data cleaning and processing contribute to accurate pricing, fair premiums, and better alignment of prices with the underlying risk.
I am hoping in the future Quantee will integrate directly with APIs from data providers like SkyBlu. It can still be a struggle to get new APIs set up by IT. Despite the extremely powerful benefits of external data. So, any approach that makes this easier is welcome.
Quantee is my preferred pricing software because it has advanced analytics, automation, and human expertise. All together in an integrated solution. So, insurers respond quickly to market changes without fear of making mistakes. Every insurer should be using their pricing opportunity to the absolute maximum effect and Quantee is an important step on that journey.