Pricing
Pricing has been a specialism of EMB from the start. We offer world class expertise in personal lines and commercial insurance pricing, including risks underwritten in the London Market and other major world insurance centres. EMB is also at the forefront of developments for pricing insurance products such as the use of telematics, the influence of internet price comparison sites, the application of price optimisation techniques to enhance profitability, and the creation of customer value models.
Personal and commercial lines
Effective pricing is more than setting a technical premium. Increasingly it is about how price interplays with customer behaviour to drive profit - the propensity to buy, to renew, to purchase other products. A coherent pricing strategy through the customer lifecycle is essential to achieve an array of business goals, and must recognise the differing demands of distribution channels.
Our services include:
- Advice on data capture and analysis
- Leading-edge technical pricing analyses
- Market competitiveness analysis
- Pricing healthchecks
- Management information and business information systems
- Rating engine development
- Price scenario testing
- Price optimisation
- Pricing model development and integration with capital models
- Market and customer segmentation to increase profit
- Pricing strategy and processes
As well as insurers, we support brokers, internet insurance sites and other distributors. We often support rapid price innovation but equally can help with process integrity and pricing problem solving. We recognise that innovative pricing is no panacea on its own and will provide clients with actionable insights to turn innovation into sustainable bottom-line benefits.
Company markets
From insurance to reinsurance, from P&I Clubs to Lloyd’s, from directors and officers/errors and omissions to general liability, from energy to hull and from property to aviation we have it covered with our specialists.
We are at the forefront of designing and deploying tools and techniques for cycle management, rate monitoring and the critical area of benchmark prices. We understand that whilst statistics and technology can never replace underwriters, the best pricing solutions come from combining the two disciplines. We are experts in getting the most out of your pricing framework and making sure it is aligned with your reserving and capital functions.
Common assignments include:
- Experience rating invididual accounts
- Portfolio reviews
- Design of rating engines
- Establishing pricing models with limited data
- Bespoke rating of specialist risks
Software
EMB is the world’s leading provider of non-life actuarial software. Our extensive range of pricing support tools are generally acknowledged to set the standard within the insurance industry.