Pricing excellence is a strategic imperative to ensure that insurers are able to write the right risks at the right price. And actuaries have always played a very prominent role in the personal line pricing (as the nature of work involved is usually similar to that of various statistical analyses) although actuarial involvement in the commercial line pricing had been relatively low earlier. However, with data science advancement, changing regulatory landscape and stringent competition, the demand for actuarial support for both commercial and personal pricing has increased significantly. But accessing the right skill sets at the right price, amid escalating demand, has become quite challenging. This has driven actuarial pricing functions of insurance organizations to seek additional support to meet their business requirements.

WNS partners with a range of leading global P&C insurers to provide a comprehensive suite of both Personal and Commercial line pricing solutions. Whether it is simple staff augmentation or supporting key transformation initiatives, WNS can provide highly skilled and experienced resources to help support clients in the pricing and underwriting arena. WNS has developed deep expertise across a range of areas, including technical pricing, market benchmarking / pricing, and analysis & reporting.

Case:
WNS helped the client better understand the rating factors used by the market and their relativity ranges
Case:
WNS conducted a portfolio analysis to help steer the client’s portfolio toward profitable & growth-oriented se..
Case:
WNS’ analysis and suggestions enabled the client to change the premium rates in a more equitable way

Our Services

Technical Pricing 

With a combination of Actuarial, Analytics and Technology resources, we create a unique value proposition for actuarial and underwriting functions to meet the wide range of demands across technical pricing. Our team works on various short- and medium-term projects around risk premium computation – from data preparation and understanding trends / reasonableness of data to statistical modeling of frequency and severity. We also perform rating factor analyses to evaluate the significance of the existing factors or incorporate any new rating factor in pricing. Our staff have adequate experience in working with various statistical and actuarial software including: SAS, Emblem and Rate Assessor.

We offer the following technical pricing services to our clients:

  • Pricing data-mart creation
  • Risk premium modeling
  • Rating factor studies

Market Pricing

In today’s highly competitive market, it is imperative to fine-tune pricing strategies in line with market dynamics. Using our statistical expertise, we deconstruct competitor tariff structures and generate actionable insights for pricing. We also work with Pricing Actuaries in different insurance organizations in sensitivity analysis and price optimization.

We offer the following market pricing services to our clients:

  • Competitor rate monitoring
  • Risk premium modeling
  • Price optimization

Analysis and Reporting

The actuarial control cycle is not complete without having a robust reporting framework and feedback mechanism in the entire pricing value chain. WNS works closely with clients to develop the reporting framework and subsequently produce management information for the business to aid effective decision-making.

We perform portfolio segmentation analyses to help identify profitable and poor-performing segments using various metrics, thereby assisting our clients focus on the most appropriate pricing strategies. In addition, we also provide services to regularly monitor rate changes and provide feedback to validate the expected functioning of the systems.

We offer the following analysis and reporting services to our clients:

  • Portfolio movement analysis
  • Testing of rate changes on system
  • Management information

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