WHITE PAPER
How to compete in the new era of customer-centric insurance
The model development lifecycle that many insurers follow has served the industry well for many years. But the market is moving faster than it ever has before. This Paper explains how to reduce the time needed to build hand-coded models and accommodate a range of programming languages to quickly respond to market changes.
SURVEY REPORT
Key Actuarial Transformation Trends Across APAC in 2022
The rise of the digital economy has led to greater market transparency and –in the insurance industry– has coincided with the rise of new online insurance aggregators. Market participants note that this shift has led to a permanent state of price comparison in the insurance market. The only way for insurance businesses to thrive and maintain a competitive advantage over their peers is to adapt and adopt the transformation quickly to better serve and maintain their clients.
How do you maintain a competitive advantage in the insurance industry?
As technology and customer behavior change across markets, brand value is turning diffuse and price is becoming increasingly important to customers across the whole insurance market.
Consumers are open to new value propositions based on new variables (mobility, limited coverage, etc.), making a dynamic pricing structure essential.
With innovative tariff modelling based on Artificial Intelligence, insurers can create a more agile, digitally-enabled business and be prepared for the future.
Competitive Tariffs. Optimized Portfolios. Real-Time Pricing.
To remain competitive in this changing market, insurers need to:
- Adapt faster to the market.
- Innovate to remain relevant and competitive.
- Protect your customer base by assigning the optimum price to your clients; optimize portfolios.
Explore how SAS can help you modernize actuarial processes and evolve the rate-making process, adding a mix of new capabilities to enable:
Better Pricing
- Through an agile methodology that includes machine learning techniques and integration of open source languages (e.g., Python, R).
- By keeping models up to date through governance and monitoring capabilities.
- By embedding optimization algorithms in the pricing process.
Faster Pricing
- Using a complete end-to-end solution that goes from data preparation, through modelling to soperationaliing analytics.
- With a drag-and-drop, easy-to-use GUI, available for each building block of the process.
- By enabling real-time deployment and communication of results via REST APIs.
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The ability to analyze market trends and evaluate competitor pricing and products – and react almost instantly – is essential to our success. So we need the best market analytics solutions.Ángel Marín Autos Technical Director Caser Seguros
OPERATIONALIZING ANALYTICS
What is ModelOps?
The key to a highly operational analytics life cycle.
As insurers are under increasing pressure to bring new products to market quicker, a more agile development process is required, including more granular risk segmentation while applying more models to more segments of customers to win more market share at the right price. ModelOps helps data science and IT teams working closer together and moving new models into production faster. ModelOps focuses on getting models from the lab, to validation, to testing, to deployment as quickly as possible, while ensuring quality results.
It enables teams to:
- Develop and deploy models smoothly, efficiently and continuously
- Manage and scale models to meet demand
- Monitor models continuously to spot and fix early signs of degradation
