Sold by: Sia Partners
Sia Partners introduces a strategic approach to pricing and customer value optimization for insurers. Our method leverages advanced analytics to refine pricing models and tailor insurance products to the needs of policyholders. This approach empowers insurers to enhance their competitive edge by offering dynamic pricing strategies and customizable product offerings that align closely with customer demands.
Sold by: Sia Partners
Overview
Our services focus on enabling insurers to maximize their financial performance while improving customer satisfaction. We employ precise data-driven methods to ensure insurers can offer products that meet the evolving expectations of policyholders.
Key use cases:
- Dynamic personal pricing modelling (DPPM): Tailor insurance premiums to individual policyholders based on real-time data
- Risk assessment and pricing optimization: Accurately evaluate risks and optimize pricing strategies to balance profitability and customer appeal
- Enhanced pricing strategies: Develop advanced pricing models that adapt to market trends and customer behavior, ensuring sustained profitability
- Real-time price benchmark: Continuously compare pricing against market standards in real-time, ensuring competitive and attractive offers for customers.
Our success stories:
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Pricing Optimization and Modeling for an Insurance Company We conducted a comprehensive overhaul of pricing across multiple insurance products, including auto, agricultural, and health insurance. By leveraging advanced modeling techniques and tools such as SAS, R, and Emblem, we optimized geographical zones per coverage, calibrated frequency/severity models, and integrated regulatory reforms. This project improved product profitability, reduced pricing biases, and offered fairer rates to policyholders, while meeting market demands.
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Pricing Model Optimization for an Insurance Company We executed a complete revamp of insurance products (home, multi-risk, and two-wheelers) using advanced modeling techniques (GLM) and tools like SAS and R. We fine-tuned technical zoning, conducted pricing benchmarks, and carried out competitive studies through market data scraping. These initiatives allowed us to refine pricing strategies and develop tailor-made models.
We are working on various AWS infrastructures (Bedrock, Q, SageMaker...) and our products rely on AWS services when creating and deploying a platform or a software for a customer.
Highlights
- Personalized, Data-Driven Pricing: Through Dynamic Personal Pricing Modeling (DPPM), we tailor premiums to each policyholder by leveraging real-time data, aligning insurance offerings with customer needs and enhancing satisfaction.
- Optimized Risk Assessment and Competitive Benchmarking: We utilize advanced risk assessment and continuous price benchmarking, ensuring insurers remain competitive while optimizing profitability by adapting to market trends.
- Comprehensive Pricing Strategy Overhaul: With expertise in tools like SAS, R, and GLM, we refine and revamp insurance pricing across products, adjusting for geographical, regulatory, and market dynamics to achieve balanced profitability and fair, market-aligned rates.
Details
Pricing
Custom pricing options
Pricing is based on your specific requirements and eligibility. To get a custom quote for your needs, request a private offer.
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Support
Vendor support
We're available at contact@sia-partners.com