Pricing Solutions
Taha Ahmad
Director of Pricing Solutions
Pricing Solutions
The actuarial community is shifting towards more of a strategic partnership with underwriting and broking communities, but all are faced with the challenge of making large amounts of data accessible and value-add. Our pricing solutions seek to meet the market on this journey, providing the tools to process greater levels of data and unlock efficiencies across the value chain.
The challenge
To make the shift from number crunching to supporting underwriters in making insight-driven risk selections, pricing teams need access to tools and resources that can provide increased levels of data and accessibility.
Evidence suggests the market is beginning to move away from traditional tools, like Excel, toward web-based solutions that can consolidate data in a single, central, accessible platform. Enhanced development in technology is seeking to help the market on its journey by providing tools to process large volumes of data and the ability to extract it.
The facts
- Traditional Pricing Still Relevant: Classic methods remain widely used and effective.
- Insight-Driven Support: Pricing teams are now focused on helping underwriters make data-driven risk selections.
- Data Quality Challenges: Poor-quality data and lack of claims data granularity continue to be issues.
- AI in Action: AI and generative AI are increasingly used to clean and unify data.
- Untapped Potential: Major opportunity to connect pricing functions with broader systems to drive added value
Our solution
Rulebook is a powerful, scalable solution seamlessly integrated into the London Specialty Insurance market. It enables underwriting and actuarial teams to price risks with greater precision and distribute products quickly and efficiently—directly from their desktops. Robust and reliable, it empowers clients to streamline their operations and make smarter, faster decisions.
The benefits for you
- Tailored for Specialty insurance - Built specifically for pricing complex specialty classes, Rulebook offers flexibility which maintaining a robust change management framework.
- Empowering actuaries: A powerful authoring tool designed so even commercial actuaries have the flexibility to build complex rating models.
- Seamless collaboration – Foster a fast-paced, collaborative culture between actuarial pricing and underwriting using Rulebook workflow
- Insight Driven Decisions - Enable underwriters to make superior risk selection using the latest pricing insights from Rulebook analytics
- Automated Efficiency - Streamline product development with extensive automation, reducing the need for IT intervention
Benefits
- Python compatible – Deploy python based models directly into Rulebook and benefit from robust governance and version control
- API-first – Effortlessly integrate Rulebook with your existing systems, reducing complexity, cost, and risk
- Flexible Model Choice -Choose the models that work best for you—Python, RuleSets, or integrate with your own.
- Speed to market – Meet your own timelines with a fully configurable tool offering both off the shelf patterns or bespoke workflows
- Robust portfolio management – Capture comprehensive data from submission through to quote and bind stages
- Complex rule sets – Embrace pricing models across all major classes of business, both simple and complex cases
Insights
With this exciting step forward, Rulebook with Python grants you freedom to bring your models to production without IT dependency.
Products used in this solution
Rulebook: Pricing, underwriting and distribution, for even the most complex classes of business.
Explore the product