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Inzura PricingEngine

AI powered dynamic pricing engine for data-rich digital insurance products

Inzura PricingEngine closes the virtuous digital circle where policy performance data collected from digitally managed policies, along with real-time external & environmental data feeds directly feed back into the pricing engine to optimise loss ratio and other key performance ratios.

For Insurers

We host and operate the API based Inzura PricingEngine on our cloud platform and provide a web portal for you to manage pricing adjustments and view key product metrics. You can also export and download raw data via our DataBay product.
 
PricingEngine does not replace your pricing team, instead it helps them embrace data by providing a rich set of real-time data analysis tools that show current policy performance data and a control panel featuring user interface “siders” that determine how the different real-time data feeds should influence the pricing. We start by coding and hosting your current pricing algorithm and then layer our data tools on the top. You decide how quickly and by how much the real-time data is used in the pricing solution. 
 
Use our TrackBack feature to see how new pricing configurations would have impacted historic quotes and product KPIs. Our AI-Suggest feature will automatically find and suggest optimum pricing configuration settings based on historic data (minimum of 6 months of data required). 
 
PricingEngine provides unparalleled data advantages for insurers over rivals, enhancing underwriting performance to improve the bottom line.
 
This product is heavily customised to individual insurer needs. Please contact our sales team to discuss your specific needs and objectives.

For Customers

Customers expect fairness when it comes to insurance pricing and the expectation of more personalised pricing is increasing as insurers move towards engaging digital products. The Inzura PricingEngine allows you to deliver against this promise and price more accurately according to the details of the individual.
 
Customers can access fairer and more accurate premiums across multiple lines of insurance. For example, for motor, if a user drives well, they can access a lower premium. For home insurance, users will pay according to the valuable items they catalogue. For travel, users can pay less for using more reliable airlines and visiting safer destinations.
  • Cloud hosted pricing engine solution for multiple lines of insurance
  • Combine with Inzura Notify (claims app) to track and factor losses
  • Utilise rich customer data and activity data into the pricing algorithm
  • Keeps your pricing team in control but adds automation tools and dynamic pricing capability   
     

Features and Benefits

Real-time data in pricing 

Real-time data in pricing 

Improve loss ratio by adapting policy price for higher risk scenarios. Insure more accurately. Adapt more quickly.

TrackBack

TrackBack

Apply new pricing ideas and pricing engine configurations to your historic data to quickly and easily evaluate impact.

AI-Suggest

AI-Suggest

Using AI and 6 months of historic data, our PricingEngine can provide suggestions for optimum pricing engine settings.

Dashboards

Dashboards

Use in combination with DataBay Platinum to access comprehensive dashboards showing data analysis and policy KPIs

Get in Touch