real-time ai pricing insurance

Is real-time pricing AI right for my insurance product?

Nuon AI is designed to uncover profit and market growth for higher volume insurance products, enabling insurers, brokers and MGAs to remain more competitive and responsive in the market. 

We’re working with insurance organisations across multiple sectors and markets to drive an increase in product performance. Could we do the same for you?

The power of Nuon AI

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Unique, real time pricing capabilities

Compliant, auditable data extracts

Stay in control of experiment limits

User-configurable MI dashboard

“Digital-first, ambitious insurers are already seeing significant revenue growth with Nuon AI. We’re excited to continue delivering these results to insurers who see the opportunity before their competitors do."

Paul Doran, Partner

Is Nuon AI right for my insurance product?

Explore below what kinds of insurance products can benefit most from Nuon AI’s technology.

We work with digital insurers, MGAs, brokers and insurance software platforms that meet the following criteria:

  • Able to make real-time adjustments to prices or commissions
  • Able to pass quote data via an API
  • Ambitious organisations actively advancing their capabilities through technology projects

Medium to large insurers, brokers and MGAs handling high volumes of quotes can benefit most from Nuon AI’s real-time pricing. The more quotes the AI has to work with and run micro-experiments on, the faster it can learn and provide deep pricing insights. 

Nuon AI is capable of processing over 1,000 insurance quotes a second, seamlessly running thousands of experiments to optimise price.  

Further reading: How Nuon AI remains effective even at peak quote times.

Nuon AI is agnostic in terms of insurance product line.  The AI models perform at their best in higher volume, competitive insurance markets including:

  • Motor
  • Pet
  • Home
  • Travel

Commercial insurance products including cyber risk insurance and SME can also find benefits from Nuon AI.

Nuon AI is fully compliant and available worldwide, ready to be used in any language. 

We’ve worked with insurers, brokers and MGAs globally, including in the UK, US, Europe, Israel, Singapore and Hong Kong.

In the US, the AI is recommended for non-admitted Excess & Surplus business, or for brokers able to adjust commission.

Yes! Nuon AI enables an insurer to improve both conversion and profitability for product lines sold on fiercely competitive aggregator platforms, also known as price comparison websites. 

React to the competition: If a competitor drops their price and your conversion dips, Nuon AI will automatically seek to restore your position by adjusting prices. If your product is exceeding expected conversions, the AI will experiment with increased pricing with the goal of increasing profits while still maintaining conversions.

Strip out wastage:  Nuon AI can further increase conversion by withholding quotes that have a low probability of turning into a sale on the aggregator platforms. You maintain control by setting parameters for the CTP ratio and targeting specific customer profiles.

Learn more: Read our free white paper exploring how real-time AI can help you compete on aggregator platforms.

Yes, Nuon AI is suitable for both new business and renewals. A typical implementation will start with new business pricing optimisation, with renewals following. We will work with you to define the best phased approach for your business. 

There are two Nuon AI algorithms: N1 and N2, which are designed to run experiments in slightly different ways depending on volume. Our AI experts will determine which is the right fit to maximise value for your business.

The AI can be deployed to work in several different ways, depending on your priorities and the problem you are aiming to solve.

Adjust: The most popular application of the AI,  make live, real-time adjustments to your insurance products retail pricing. Our AI models are not focused on adjusting any risk or core-pricing, simply the market or retails pricing factors.

Experiment: Not looking to make live price adjustments? Validate pricing strategy and try out price and factor adjustments to determine the impact a change would have. 

Insurers, brokers and MGAs working with Nuon AI chose us because:

  • They are actively pursuing a market pricing optimisation strategy and/or digital transformation projects
  • They are working on strategic objectives to improve pricing performance 
  • They lack the-house expertise to deliver an effective AI pricing strategy 

We understand that transformation projects can often be long, complex and impossible to prioritse effectively. Nuon AI has been specifically designed to be easy to integrate, using just two secure, industry-standard RESTful APIs.

Our agile Engineering and Customer Success teams will guide the entire process to ensure a smooth implementation within days or weeks.

Insurers, MGAs and brokers using Nuon AI have seen uplifts in:

  • Revenue & GWP
  • Market share
  • New customer growth
  • Product margins 

These metrics are tracked in real-time via your bespoke, secure customer dashboard. Performance gains can be measured and reported on 24/7 – along with instant access to data extracts for compliance. 

See a full walkthrough of Nuon AI’s powerful MI dashboard.
Is Nuon right for you? Let’s talk! Get in touch now to find out more about how our AI insurance products can benefit your business.

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