Nuon Dashboard

Get alerts to competitor price changes, experiment on live data, MI to drive performance.

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Nuon AI’s Pricing Insight Dashboard offers a way for an underwriter to gain powerful MI insights into how an insurance product can be repriced to maximise performance.

By running experiments on live data, making discreet pricing adjustments on a subset of an insurance product’s quotes to gain insights into price elasticity.

Nuon’s Pricing MI Dashboard can generate periodic reports to offer:

  • Advice on how a product can be priced to optimise its performance
  • Automatic alerts if a change in the marketplace is detected, allowing an underwriter to respond in real-time
  • A summary report providing insights into the performance of specific rating factors, suggesting where prices could be lowered to improve take-up rate, or increased to improve underwriting profit

The dashboard is easy to configure, only requiring bounds to be set on how much of the book can be experimented on, and how much pricing can be adjusted up or down.

It can be used for short periods of time to gain snapshot insights into the marketplace or left running perpetually to keep up with market effects on price elasticity.

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Case study

An underwriter sets experiments on 5% of an insurance product’s book allowing adjustment of up to +/- 5% from the products rated pricing. Whilst running, a competitor whose prices similarly drops out of the market. 

The Nuon Dashboard alerts the underwriter of the effects of the competitor leaving the marketplace.

The digital report, delivered at preferred time increments, suggests three rating factors could increase in price by 2% without losing any business, increasing the profitability of the product.