Insurance pricing strategies

THE CHALLENGE

National brand with retail as well as financial services offerings. Active in Home, Motor and Travel insurance. Decision made to bring insurance pricing in-house following a long period of outsourcing capability.

OUR SOLUTION

Development of a comprehensive pricing strategy and plan for implementation. Defined appropriate levels of governance and mapped specific processes to support the strategic plan.
Reviewed vendor proposals for data warehouse and pricing software solutions, liaising with developers to ensure system capabilities support pricing plans.
Delivered end to end price optimisation for Travel and Home insurance.
Recommendations on team structure and support with recruitment over an 18-month period.

RESULTS

Clearly articulated pricing strategy with documented approach for all pricing elements at each transaction. Comprehensive plan to achieve target operating models by agreed dates, and ongoing support to deliver.