The power of pricing transformation in the digital journey of insurance companies cannot be overstated. A pivot towards this aspect can lead to an impressive array of benefits, ranging from competitive edge to talent retention, regulatory adherence and even improvement in loss ratio.
Hyperexponential (hx) has released a new report that explores how insurance companies can unlock digital transformation through pricing.
In its most recent research, hx delved into the annual reports of the UK’s top 13 speciality insurers, utilising Natural Language Processing (NLP) to decode patterns and insights spanning over the past five years. The findings placed pricing at the forefront of innovative initiatives for insurers setting their sights on the future.
A shift in pricing strategies stands as a cornerstone of the digital revolution agenda for high-growth insurers. An adept approach towards pricing can potentially equip insurers with the capability to evaluate risks with enhanced efficiency. This not only aids in cost reduction but also paves the way for augmenting business revenue.
Hx’s comprehensive report allows readers to explore why pricing is gaining prominence in the digital transformation trajectory for fast-growing insurers and the ways in which an effective pricing strategy can offer insurers an edge by facilitating more efficient risk pricing, thereby leading to cost savings and revenue growth.
Download the report here.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global