Tag: actuaries
What is the role of price optimisation in insurance?
Actuaries, often dubbed as mathematical risk managers, play a pivotal role in the insurance industry. Their expertise in quantifying and managing risk is essential for insurers in a market where financial responsibility for potential negative outcomes is traded. However, determining the cost of this responsibility isn't a straightforward task; it involves estimating expected losses akin to manufacturing costs for tangible goods. Yet, setting a price demands more than just knowing costs; it requires calibrating profit margins to market realities and consumer behaviours. InsurTech Quantee delves into the intricate process, known as price optimisation.
Python in insurance: Paving the way for actuaries and insurers
The insurance sector, traditionally slow in embracing modernisation, is progressively adopting programming languages to refine workflows and bolster decision-making capabilities. Among these, Python has...
Enhancing insurance accuracy and efficiency with hx Renew technology
In the rapidly evolving landscape of InsurTech, a new game-changer has emerged: hx Renew. This cutting-edge platform is redefining how actuarial teams operate, offering...
Why Excel no longer makes the cut in modern insurance pricing
The insurance sector is grappling with a pricing tool dilemma. A significant 81% of insurers express doubts regarding the effectiveness of their current pricing technologies. One of the main culprits? Excel.
Is the price really right? A look at US commercial P&C...
The 2023 landscape of the US Commercial P&C market reveals that traditional understandings of pricing are perhaps outdated. An overwhelming 78% of insurance providers...
The transformation of pricing and underwriting in insurance
Successful pricing and underwriting transformation mandates not just a vivid vision but the sustained momentum to actualise it. This transformation isn't a one-size-fits-all approach; it varies for each business. Yet, the goal remains consistent: refining the process of assessing and insuring risk.