Rate module

Build your commercial premiums with the best and most informed pricing decisions

Maximize business impact by boosting your rate-making capabilities and creating the best pricing strategy for your business. Akur8’s Rate module answers the question: “What premiums should be offered to achieve my business objectives as an insurer?”
Actuary working with Akur8 on Akur8 rate module for his insurance pricing

Make the most informed pricing decisions based on your business objectives

Analyze

Monitor portfolio performance at granular level & identify performance gaps across segments.

Assess your current pricing strategy by analyzing your portfolio profitability at a granular level, and identify performance gaps across segments. Assess the impact of your planned Rate changes by conducting a dislocation analysis and spotting the most significant variables driving the dislocation.In a few clicks, leverage dislocation analysis insights to design the rate plan that will be best aligned with the overall portfolio strategy.

Porfolio performance analysis diagram
Impact on rate change diagram
Set your rates

Set up your rates by assessing and tracing the impact of planned rate changes on your portfolio.

Set up your final rates: Compute your rates by adjusting the target profitability by segment, then iterate and keep complete traceability over the changes made. Conduct leakage analyses (loss ratios, AP-TP) and impact analyses (conversion vs retention analyses) to assess how different scenarios would impact technical KPIs as well as top and bottom lines. Export rating tables and integrate with your rating engine.

Document

Generate insightful customized reports to present your rate changes

Using Akur8’s Rate module, you can clearly document your rate changes, then explain and present convincing results to your technical and non-technical stakeholders (Head of Pricing, management team, brokers, etc.) Create customized reports and use ad-hoc portfolio visualization and reporting at all stages of the process. 

Insurance pricing report creation diagram

They implemented the solution

"We chose Akur8 because it is an innovative solution, which allows us to put the best-in-class pricing technology at the service of our employees. The modeling speed saves precious time for our teams.”

Discover the use case
Get in touch with our team to learn more about the Rate module.
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