Monitoring and Updating Pricing Models in Production

This white paper explores how and why model monitoring is essential for maintaining pricing accuracy and business value. It examines best practices for identifying and addressing model drift, the types of model updates insurers can perform, and how to ensure consistency between model evolution and pricing strategy.

This ebook explores how modern loss reserving is being transformed by the interplay of human judgment, improved processes, and innovative software.

MGAs and regional carriers face the same pricing challenges as the big players, but without the big-team resources to match. This white paper lays out how lean actuarial teams can modernize their pricing operations around three core principles: transparency, scalability, and affordability, without a full system overhaul or enterprise-scale budget.

This whitepaper reveals three hidden anti-patterns that weaken reserving accuracy and trust, and outlines practical steps to improve collaboration, communication, and governance.

This paper explores common anti-patterns in P/C loss reserving workflows, illustrating them with hypothetical examples and offering strategies to recognize and overcome them, unlocking greater efficiency, accuracy, and collaboration.

This white paper explores how traditionally regulated insurance markets and those undergoing detariffication can leverage machine learning for pricing. It is particularly relevant for pricing teams in the Asia-Pacific region, where motor and property insurance are often subject to strict regulation, and in other markets worldwide that face pricing constraints for ethically sensitive products, such as health or mandatory insurance lines.

In an increasingly competitive and fast-moving insurance landscape, having the right tools and strategies in place is essential. By leveraging advanced platforms like Akur8, insurers can stay ahead of market trends, respond to new challenges more effectively, and ensure that their pricing remains both competitive and sustainable in the long term. In recent years, Akur8 has continued to evolve by adding new functionalities designed to further assist pricing actuaries with their recurring tasks.

Launching and pricing new insurance products is a complex journey requiring strategic planning and innovative solutions. This white paper outlines the stages involved in this process and highlights how Akur8’s advanced pricing software facilitates the development of competitive insurance products.

The actuarial field is experiencing a rapid transformation driven by dynamic trends, including the surge in data volume and diversity facilitated by technological advancements. Actuaries now confront the challenge of extracting insights from diverse data sources, necessitating the integration of cutting-edge technologies like AI and machine learning.

This paper proposes a solution to the dilemma actuaries encounter: whether to build transparent GLMs that require significant cost and expertise, or to automate the model building process using non-transparent techniques that could limit the ability to deploy models in production.

When choosing whether to deploy an off-the-shelf pricing software solution, or to develop bespoke in-house pricing software, there is no ‘one-size-fits-all’ answer. Different scenarios, staffing levels, timescales, objectives and business needs can all influence what the best option may be.

As high inflation raises the stakes of pricing errors, influences insurer's costs, and changes customer behavior, what data and strategies can actuaries leverage to estimate future inflation? When speed of adaptation is more critical than ever, what kind of pricing and product approaches can help pricing teams make good decisions and improve time-to-market?

After decades of success, the bancassurance model is coming under pressure. What can bancassurance operators do to meet the new challenges?

Applying machine learning to pricing processes is becoming easier due to advances in technology and increasingly accessible platforms.

Akur8 has released the results of its first global insurance pricing survey! Over a hundred insurance pricing professionals across all lines of business, representing 34 countries, shared their main challenges and expectations concerning the future of insurance pricing.

Milliman has carried out an in-depth analysis of Akur8's pricing solution and methodology. Here is the full report presenting Milliman’s conclusions.

Why insurance companies can no longer delay optimizing their data to transform how they do business.

The use of AI has quickly expanded over the past few years across all sectors, driven by proven substantial financial benefits for organizations.

For anyone who has been around the insurance space for a significant amount of time, innovation has been rather scarce up until recent years.

AI-powered pricing sophistication is a relatively new journey for insurers, but one departure they definitely do not want to miss. The consistent application of Generalized Additive or Generalized Linear Model structure (GAMs or GLMs) is commonly regarded as the prerequisite to start this journey.

The democratization of quick and efficient modeling brought about by Transparent Machine Learning can be of tremendous help in empowering actuaries and pricing experts.

Rob Porter (Director of Product, Vave - Canopius Group), and Anne-Laure Klein (COO, AKUR8), discuss the benefits of partnering with the right insurtech in PropertyCasualty360.

As of January 1st, 2022, price walking for home and motor insurance will be forbidden in the UK. Discover the expected impact for insurers and how Akur8 can boost your adaptability!

Discover key concepts and intuitions that demonstrate how Penalized Regression blends GLM with Credibility-like assumptions.