Optimal Decisions Toolkit

Optimise pricing and cross-functional strategies with consumer elasticity insight

The LexisNexis® Optimal Decisions Toolkit integrates useful component functionality into a complete price optimisation toolkit. The Pricing Designer, Rapid Modeller, Modeller, Simulator, and Optimiser all help insurers answer the question: What is the best combination of pricing and marketing actions for my book of business in the evolving competitive environment?

  • Better understand losses and profitability by segment – Without a detailed understanding of losses, price competition in some segments can become a competition to lose money.
  • Restrict discounting to customers where it matters the most – Not everyone reacts the same way to pricing differences between insurers.
  • Work with experts – LexisNexis pricing optimisation consultants have advised 9 of the top 15 US property & casualty insurers, leading insurers in the UK and Australia, and more recently, a leading private insurer in India. Our collective experience spans 19 complete implementations of pricing optimisation tools and 7 partial exercises.
  • Pricing Designer – Designed specifically for the Indian market conditions, this component allows insurers to combine a quantitative loss analysis with qualitative market insights to make a united pricing decision across underwriting, actuarial, marketing and sales functions.
  • Rapid Modeller – Use segment-level inputs direct from existing management reports to create simulations and optimisations, significantly reducing the data required to begin analysing elasticity-based pricing optimisation.
  • Modeller – Diagnose your data, examine explanatory factors, and train generalised linear models (GLMs) or non-linear elasticity models to predict losses, conversion and retention.
  • Simulator – Explore the ramifications different pricing scenarios on the multi-year value of your portfolio by combining elasticity models with claims loss, expense and marketing information. Compare scenarios side-by-side to consider a variety of options.
  • Optimiser – Specify a business objective and constraints, and then the advanced algorithms automatically find the optimal changes to your current pricing.

Contact

Swati Vikram
+91 77381 28556

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