Overcoming Key Challenges in Offering Dynamic Pricing
Accurately Assessing Risk
Insurers struggle to factor in all risk variables relevant to each customer to precisely evaluate their level of risk.
Determining Fair Premiums
Generic pricing models often result in some customers paying too much and others too little for the risk level they represent.
Aligning Premiums with Risk
When risk assessment is inaccurate, premiums end up being inconsistent with the actual risk exposure of customers.
Avoiding Losses from Mispriced Policies
Insurers face financial losses when premiums are set too low compared to the claims made by policyholders.
Improving Pricing with AI
The RapidCanvas AI-based dynamic pricing solutions allow insurers to incorporate diverse data sources, identify risk variables specific to each customer, run predictive models, and optimize premiums tailored to the risk profile of individual policies.
Data collection and ingestion
Data collection and ingestion
Collect real-time data on risk factors like demographics, lifestyle, health, assets, location etc.
With AI-powered pricing, insurers gain more accurate risk assessment, fairer premiums, improved profitability, and an enhanced customer experience.
More Accurate Risk Assessment
Granular evaluation of risk factors results in precise measurement of risk.
Fairer Premiums
Customers pay premiums that closely match their individual risk levels.
Improved Profitability
Enhanced risk-based pricing improves loss ratios and boosts revenues.
Enhanced Customer Experience
Personalized pricing fosters trust and improves customer satisfaction.
Key Industry Metrics
Hear from Our Customers
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Overcoming Key Challenges in Offering Dynamic Pricing
Accurately Assessing Risk
Determining Fair Premiums
Aligning Premiums with Risk
Avoiding Losses from Mispriced Policies
Accurately Assessing Risk - Premium
Determining Fair Premiums
Aligning Premiums with Risk
Avoiding Losses from Mispriced Policies
Accurately Assessing Risk - Premium
Determining Fair Premiums
Aligning Premiums with Risk
Avoiding Losses from Mispriced Policies
Accurately Assessing Risk - Premium
Determining Fair Premiums
Aligning Premiums with Risk
Avoiding Losses from Mispriced Policies
Accurately Assessing Risk - Premium
Determining Fair Premiums
Aligning Premiums with Risk
Avoiding Losses from Mispriced Policies
Accurately Assessing Risk - Premium
Determining Fair Premiums
Aligning Premiums with Risk
Avoiding Losses from Mispriced Policies
See Rapid Time-To-Value
Address unique business needs without starting from scratch; state your business problem and the AutoAI discovery process will generate a matching AI solution within hours.
Build Expert-Led AI
Leverage the industry knowledge of data science experts, as required, to validate against industry benchmarks and ensure optimal AI solution performance
Access Actionable Business Insights
Create visual, interactive data apps, dashboards and reports to showcase business KPIs and outcomes, and monitor business performance
Use An End-To-End AI Solution
Achieve an end-to-end AI solution with an out-of-the-box setup for all steps from data orchestration, data preparation, transformations, model building and testing, through to model deployment and data apps
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