Radar Live & Optimization

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24/04/2024 Insurance Innovation

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Pricing strategies, rules, adjustments, scores, and other metrics into a real-time rating system

Innovation presentation

Through the integration of our Radar Live tool, a significant step has been taken by enabling the direct integration of developed pricing strategies, rules, adjustments, scores, and other metrics into a real-time rating system. This integration not only contributes to the development of more consistent and transferable skills between pricing, actuarial, and insurance teams but also facilitates better pricing decisions.

Radar Live has been integrated to quickly adapt to changing market conditions and macroeconomic trends. This integration meets requirements such as swift action, complex modeling, and precise pricing, providing pricing agility and rapid response to market developments for the motor insurance sector's future action recommendations.

By transferring existing models, Radar Live offers significant advantages such as pricing agility, rapid response to market developments, operational efficiency, and control mechanisms. This ensures addressing critical issues such as system scalability and risk analysis and management.

These advantages provided by Radar Live enable cost optimization and statistical improvements in decision-making processes, thereby gaining a competitive advantage. Representing a significant step towards streamlining business processes, this system positions us as leaders in the industry.

Uniqueness of the project

Our project is an innovative solution developed to tackle challenges encountered in the insurance sector, such as complex data environments and constantly evolving customer demands. This solution represents a significant step forward by integrating pricing strategies, business rules, and pricing into a real-time rating system through the Radar Live platform. This integration contributes to the development of more consistent and transferable skills among pricing, actuarial, and product teams, thus supporting better pricing decisions.

Among the standout innovations of our project is the ability to quickly adapt to market developments, providing flexibility to take instant actions in response to changing market conditions while meeting requirements such as complex modeling and precise pricing. The scalability of our system, capable of handling millions of quotes, has provided the opportunity to deliver better service to customers.

Additionally, our project has enabled easy access to pricing options based on agents, regions, and segments. This enhances our pricing capabilities with the aim of increasing customer satisfaction. The advantages offered by our project include reducing the IT dependency of business unit teams, thus enhancing operational efficiency. Superior decision-making processes and the automation of business-focused processes have made our operations more efficient, saving time. Moreover, compliance with regulatory requirements has become much easier.

This project supports our company's competitiveness, maintaining its leading position in the industry and supporting sustainable growth. By providing stronger analytical capabilities and decision-making processes to critical teams such as Actuarial and Pricing, our aim is to enhance our company's competitive advantage and position in the market. This solution is designed to quickly and effectively adapt to changing dynamics in the industry, providing a more confident outlook for the future.

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