Sophisticated analytics and customer segmentation plans are no longer a luxury, but rather an operating necessity for survival and success.
Elite Technology Solutions has the expertise and services that can take your company to the next level of success.
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Click here for a printable brochure for the insurance industry |
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Click here for a printable brochure for Lifetime Value Pricing |
- Lifetime Value Pricing & Retention
- Insurance Modeling Strategies
- Predictive Analytics Strategy
- Testimonials
Understanding which of your customers are most profitable and then offering the best pricing to attract and retain them is paramount in this economy. Ensure that the most profitable customers are being offered competitive rates based on their overall profit contribution by identifying the characteristics of your customers who will likely stay and those who will leave.
No need to replace existing pricing plans! Improve the overall mix of business written!
- Refines indemnity-only pricing by adjusting for expense differences
- Operates as an independent second step in the pricing process
- Produces more equitable rates by further aligning rates with underlying costs
- Minimizes unprofitable segments, achieving a more consistent Combined Ratio
- Improves policy mix over time with reduced frequency and severity
LVP allows for complete customization: your data... your cost structure... slow or aggressive... new, renewal or both.
RATE MODELING
The industry is moving rapidly toward highly segmented rate plans. Elite offers a variety of techniques to meet the diverse needs of the insurance industry. Solutions can range from short-term high-priority enhancements to thorough rate plan overhauls.
The goals and requirements of each of our clients dictate the individual solution techniques. We work closely with you to ensure that our rate plan improvements integrate appropriately into IT systems.
CUSTOM ANALYTICS SOLUTIONS
We develop custom predictive modeling solutions to address unique and pressing business problems. Every insurer has a different set of critical issues, but a sampling of possible areas include:
• competitive analysis modeling
• credit or territory modeling
• strategic underwriting solutions
• pressing profitability challenges
Whatever the problem may be, Elite can help design a focused and appropriate analytical solution to improve overall performance.
Policy claims account for the vast majority of the cost structure in any insurer and therefore present the greatest opportunity for efficiency improvement.
Elite can assist with a variety of predictive modeling initiatives throughout the claims cycle including but not limited to:
- reserving
- large claim and litigation prediction
- activity and payment optimization
- fraud, decomposing trends
