Product Development and Pricing
Creativity in product innovation to anticipate the market, combined with a flexible organisation to implement this in an ever increasing pace, are key to run successful insurance operations.
Not so many years ago, insurance products were updated once a decade. This is definitely a past that never comes back. The life cycle of an insurance product is becoming shorter and shorter as a result of rapidly changing markets and consumer needs, and of an ever increasing competition.
This is accelerated through banc-assurance, rapid evolutions of sales models, distribution channels and marketing techniques combined with progressive technological developments.
The results are successive product innovations where pricing is evolving to almost real time pricing. The key to success is having an innovative mentality and an alert view on the market evolutions to be able to anticipate changes better than the competition.
AT Global has four unbeatable aces:
- Actuarial skills
- Insurance techniques
- Field experience
- Advanced pricing tools
Within AT Global you will find the experience and the know-how needed by your company in the permanent process of product innovation and pricing adaptations. Our consultants combine a balance mixture of actuarial experience and technical knowledge with years of practice on the ground and in the field of the insurance companies.
We can assist you in the drawing up of policy wordings and terms and conditions, and we have the required tools to price insurance products that can combine past experience and expected changes.
The rule of the supply and demand, the price sensibility of the consumer and the requirement for efficient volumes of production are as important for insurance companies as for any other commercial organisation. In this process, it is crucial for you to know and understand both the marginal cost of your insurance product and the additional fixed costs of your operations to estimate your potential gains.
Traditional commercial pricing models are not appropriate for the specificities of insurance activities. Indeed, the required tools for pricing insurance products must combine modelling supply and demand, combined with cash flow modelling. AT Global has developed the right technical skills and tools to do this. Our product development and pricing projects are focused on innovative ideas, evolution to real time pricing and to give you the necessary insights in the more commercial and economical aspects of your product range.