Nuon Adjust

Make live adjustments to your insurance product pricing. The most agile application of Nuon AI.

Nuon AI’s Live Price Adjust service allows an underwriter to step back from the minutiae of maximising the profitability of an insurance product.

Live Price Adjust takes the strain by automatically making discreet pricing adjustments in real-time to match market conditions, lowering pricing where necessary to gain business, and raising where possible to maximise underwriting profit.

Experimenting on live data, via our API enables pricing adjustments on a subset of an insurance product’s quotes to gain market insights, and applying the learnings across the whole book. 

In this way, Nuon’s Price Adjust keeps the product as optimally priced and relevant as possible.

The Price Adjust product is configurable, allowing an underwriter to set upper and lower bounds for price adjustments and the percentage of the book which can be experimented on.

A user-configurable MI dashboard keeps the underwriter informed in real-time of the AI performance, tracking items such as take-up rate and premium uplift as well as deeper insights into product profile / rating factor performance.

Pricing

  • A very low percentage of premium income
  • No setup fees, rolling monthly contract, first two months free

Setup timeline

  • 4-6 weeks, subject to product complexity

Entry requirements

  • Insurance products that are sold digitally
  • Ability to make adjustments to pricing
  • Ability to pass real-time quote data via API
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Case study

An underwriter configures the Live Price Adjust service to allow a +/- 5% adjustment to pricing for an insurance product. 

After running for a few days,  within the 5% adjustment allowance, Nuon has found some rating profiles that require lowering to increase take-up and also profiles that can afford to move up without a loss in sales.

In making the live real-time changes, Nuon increases overall take-up by 15% without lowering the average premiums.

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