Pricing, Product Design & Assumption Setting
Pricing and Product Design
Pricing and product development come with their own issues that can expand outside of the usual actuarial scope. This requires technical work and integration across the company and the wider industry.
We can help you throughout the pricing process with:
Improving governance and the control cycle process
Assisting in business review, development and optimisation
Aiding data manipulation, illustration and storage
Providing expert judgement in data quality and credibility
Introducing and maintaining relevant scorecard development
Analysis of product pricing strategy and price benchmarking
Profit test modelling.
Assumptions are the backbone of modelling and how useful results can be for decision making.
The team has experienced numerous cycles of setting, checking and reviewing assumptions for reporting purposes. This includes assessing the suitability of model inputs, experience analysis, review of improvements and process simplification, of both economic and underwriting variables.
The team can improve all parts of the basis setting processes, including:
Data handling and manipulation
Implementation into systems and other processes
Checking and validation
Ensuring decisions are made with the correct understanding of what feeds into those assumptions.