Chaucer: How introducing a pricing engine helped deliver strategic goals

Providing capabilities for more data-informed underwriting and pricing decision-making and greater operational efficiencies were the strategic goals that Chaucer set out to achieve as part of a Pricing Transformation Program initiated a few years ago. A foundational element underpinning this program was migrating from spreadsheet-based pricing models to the benefits of a fit-for-purpose pricing platform.

After undertaking proof of concepts for several pricing platforms, Verisk’s Rulebook platform was selected to be the most fit-for-purpose for Chaucer’s Insurance classes. Rulebook provides a dynamic rules engine and underwriting and broking desktop platform that allows specialty insurers to build and maintain pricing models of simple, medium and complex design.

"The move to Verisk Rulebook has transformed how Chaucer approaches data-driven pricing. With improved data granularity and enhanced governance controls, Chaucer can now make more informed decisions, faster. This transformation is a critical step on our journey towards greater operational efficiency and strategic growth.” Linda Cooke, Group CIO, Chaucer