Latest software enables insurers to model a higher range of variables
EMB, the non-life actuarial and business consultancy, has launched the latest releases of software products within its personal lines pricing suite.
The software allows actuaries to develop profitable pricing strategies for non-life risks such as individual motor policies, household contents, pets, yachts, small commercial vehicles and more.
The performance of both applications (Classifier and Rate Assessor with Optimiser) has been increased to handle more variables at a higher degree of granularity providing optimal detailed pricing information in seconds.
Andy Lingard, head of software at EMB, said: “The upgraded versions dramatically increase the scale of pricing scenarios that can be modelled as well as providing the ability to run an infinite number of scenarios to offer the ultimate price for a piece of business.
“Spreadsheets today are just not up to the job and should be ditched. Using EMB applications, an insurance company can be sure that optimal prices can be found by systematically combining cost models, demand models and market prices. Clients using these products have seen profitability increase by as much as 30 per cent.”
Karl Murphy, partner at EMB, said: “With the latest version of Classifier, an insurance company is able to gain detailed geographic categorisation and assessment of exposure even where they have no claims history - a notoriously difficult challenge in the past.
"The EMB software makes this simple by combining internal and external data. This means that insurers can now confidently write profitable business in new areas. In today’s competitive market this sort of detailed analysis is critical. A competitive price must be backed-up by a realistic assessment of the risk.”
