New challenges for Health insurers
The health insurance market is undergoing significant transformation and pressure due to the rising costs of healthcare, the crowded competitive landscape with new entrants rewriting the rules, and changing regulations. Health insurance rate-making is highly dependent on local regulations and customer behavior, calling for a high level of expertise. As a result, pricing sophistication is a key component of the health insurers’ strategy.
Boost your pricing process
Improve your models’ predictive power
Even with heterogeneous or imperfect data, the power of machine learning can generate substantial gains in predictive power. Leverage Akur8 to build stronger models, unlocking significant loss ratio improvement potential.
Leverage behavioral data and customize your hypotheses
The flexibility of Akur8 enables actuarial teams to include customer behavioral data and to customize hypotheses (medical cost inflation, customers purchasing habits, etc.) in order to make the most of their health industry knowledge and expertise.
Tailor your models to fit local market specificities
Understanding local regulation is a key component of health insurance rate-making. Our health insurance clients in different geographies tailor and customize models as needed based on local health regulatory specificities.
Generate business value even in highly regulated markets
Even in highly regulated markets, where a limited number of variables can be used for pricing, Akur8 brings significant value to health insurers. Beyond pricing activities, the platform generates powerful analytics to predict and monitor portfolio performance as well as facilitate governance.
Manage multiple models on one platform
Akur8 enables actuaries and pricing analysts to build, manage and update a large number of models on the same platform, bringing game-changing efficiency and consistency to the pricing process.