Next generation analytics and technology offer the way forward for insurance professionals to meet the increased demands on the sector including the low-yield environment, competitive pressures on insurance rates and a developing regulatory landscape.

MavenBlue’s Enterprise Pricing Management (EPM) Solution fulfils the increasing need for insurance companies to gain insight into the composition and future profitability of their insurance portfolios. The solution has been tailored to support all aspects of solid portfolio management through pricing, including deep dives of the portfolio, automatically assess the performance of cost price models and even adjust them, crafting of commercial tariffs and determine their impact on profitability amongst other key performance indicators.

In the blink of an eye, all necessary insights are available to power strategic price setting decisions. Multiple KPI’s immediately show the impact on the portfolio and offer users the potential to unlock the hidden value of pricing for portfolio steering, achieving both top-line and bottom-line growth.

The EPM Solution can be used as standalone or as an embedded part of the internal standard pricing-processes and IT environment. The solution is available as a cloud, private cloud or on-premise solution.

USAGE

Take ultimate control of your pricing process

Portfolio exploration

Gain insight into your portfolio’s policy and claim data

Present trends over time of the portfolio data and of key performance indicators like the combined ratio, cost ratio, claim frequency and profitability.

Analyse your portfolio at the lowest level by applying filters and selections.

Define and show behavioral metrics like multi claimers, rapid claimers, rapid churners.

Model assessment

Assess, enhance, design and review models and tariffs

Compare different models based on model statistics like inverse Gini, double lift charts, confusion matrices and many goodness-of-fit statistics.

Compare different models on a per factor basis with actual versus fitted plots.

Show confidence intervals around the model predictions and on a per factor basis.

Manually change model values and get instant feedback on the impact of this change.

Keep track of all your models in the Model Management Library, review models and tariffs, including digital sign-offs.

Risk modelling

Keep your risk models always up to date

Automatically find weak spots in existing models and find a better model when new data is fed into the software, e.g. based on new claims.

Manually change model values and get instant feedback on the impact of this change.

Commercial tariffing

Assess commercial strategies by scenario based portfolio projections

Model portfolio dynamics like expected inflow and outflow.

Define scenarios based on different commercial tariffs, inflow and outflow models.

Project the portfolio under the different scenarios into the future.

Create commercial tariffs based on the scenarios and projections.

Evaluate expected profits and other key performance indicators of different scenario’s and commercial tariff.

Pricing Process

Take ultimate control of your pricing process

Keep all your models together in the Model Management Library.

Review models and tariffs, including digital sign-offs.

Import and export models in different formats.

Possibility to integrate existing R and Python scripts in EPM.

Realtime Pricing Engine

Execute your models and deliver real value

Possibility to integrate with existing rating engines or policy administrations.

Features

A powerful solution for your end-to-end pricing process

Explore portfolio by deep diving the portfolio data

  • Select subsets of the portfolio on all risk drivers and tariff factors
  • Filter large and small claims
  • Filter coverages
  • Present the portfolio data in a geographical way
  • Present trends over time
  • Define and show behavioral metrics like multi claimers
  • Get insight in the claim distribution

Assess portfolio based on key performance indicators

  • Number of policies
  • Premium volume
  • Claim amounts and frequencies
  • Profit
  • Growth
  • Expected and realised

Compare, manage and automatically improve your models

  • Model Library to keep track of all models
  • Define models for risks (claims) and costs
  • Define models for inflow (conversion) and outflow (lapse)
  • Define other models, for example customer lifetime value models, upsell models, competitors, etc.
  • Use the automatic machine learning algorithms to automatically improve your models based on new data
  • Compare models with each other based on many different statistics

Project your portfolio based on different strategies

  • Define scenario’s by selecting models for risk, costs, commercial prices, inflow and outflow
  • Project scenario’s and compare them based on key performance indicators and more detailed information
  • Parametric or model based ageing of specific risk and tariff factors

Monitor and evaluate commercial tariffs

  • Monitor performance of commercial tariffs compared to e.g. most recent cost price
  • Compare tariff’s key performance indicators with the expectations or budget
  • Automatically find spots for improvement based on price sensitivities or updated cost price models

Analyze competitors and optimize your own prices

  • Analysis of competitors’ tariffs based on machine learning
  • Automatic optimization of the tariff by using Modern Portfolio Theory
  • Individual price optimization taking competition or outflow probabilities into account

Make reports for management

  • Periodic reports containing key performance indicators of your portfolio and tariffs
  • Low level reporting for specialists

Unleash your model power in real time to production

  • Real-time pricing engine functionalities
  • Model and rule based real-time price setting
  • No more differences between analytical and production environment

Audit trail and data security

  • Audit trail in all key processes to support your regulatory demands
  • Digital sign-offs of models and tariffs
  • Secured database and dataflows
  • Compliance with IT requirements

SERVICES

MavenBlue provides a range of services to meet individual client requirements

License

The annual modular license fee gives access to the EPM Solution features and all software updates for a one year period. Select the modules you need and choose a cloud, a private cloud or an on-premise implementation. License fees vary based on your implementation choice, premium volume and selected modules.

Extra Services

Tailor-made functionalities

Add tailor-made functionalities to adapt the EPM Solution to your own pricing framework and way of working. Reuse your already designed R and Python models by embedding them in EPM’s AI Model Engine. Your custom requests are implemented with the same quality and care as the standard functionality, and are fully documented and system tested before delivery to your acceptance test environment.

Interfacing

The EPM Solution can interface with your current systems in different degrees of robustness, but preferably it has an interface with your administrations for policies and claims. You can connect to the standard interfaces provided by the EPM Solution or we can develop a specific interface for your databases or systems.

Configuration

Some last steps need to be taken care of in order to make the solution ready for your analyses. Configure your current models and product structure and import your policy and claims data. Then the EPM Solution is ready to go.

Training

Training sessions will be organised using practical examples related to your business. MavenBlue will ensure that you will be able to use all of EPM Solution’s functionalities and its many applications most effectively. Within the EPM Solution, online explanation and instruction is at your disposal.

CLIENTS

Clients gain profound insight in their portfolio’s future profitability and value generating potential

Clients use the EPM Solution to run their entire pricing process and improve their commercial tariffs when needed.

The solution plays a key role in supporting the analyses of risk models, the portfolio’s future profitability and competitiveness of the tariffs. Insurance companies use MavenBlue’s EPM Solution to support risk analyses, commercial pricing and monitoring of tariffs and models.

Adopting this cloud-based software solution, ensures consistency and promotes cooperation across the entire organisation. Thanks to the user-friendly interface and time-saving calculation speed, clients experience a better understanding of their (often) complex models and tariffs, and their value generating potential.

Try MavenBlue Enterprise Pricing Management