Capture demand and price sensitivity to adjust your pricing strategy
Leverage behavioral and competitor data to model propensity to buy and price elasticity
Model propensity to buy and price elasticity separately
Akur8’s robust methodology enables you to model propensity to buy and price elasticity separately. A static model provides the probability to renew/convert under the current pricing strategy, and answers the question "how likely are customers to buy with current prices?” A dynamic model provides the sensitivity of the probability to convert with respect to a price variation, and answers the question "how does changing prices impact demand?”
Leverage external competitor data
Akur8 enables you to feed your price sensitivity analysis with external competitor quote data. Demand modeling starts from a database of quotes - either new business or renewals - containing both customer profile information and an offered price. Using competition data enables in-depth analysis about market price dynamics.
Include geographic analysis
The “Geographic Demand modeling” feature unlocks geographic analysis for both conversion rate and elasticity modeling. Accurately modeling geographic elasticity enables better decisions for your portfolio - globally as well as locally.
They implemented the solution
“This alliance with Akur8 is another proof point of our tech and digital DNA. Embracing best-in-class technology to ensure faster, more accurate and fully transparent ratemaking is a key differentiator and HDI Seguros is excited to lead the way”.