Increasing Sophistication of Insurance Pricing Processes Challenges Insurers

Fred Cripe // March 18, 2021

(Image source: Pixabay.)

For the past two decades, as insurance pricing processes have become increasingly sophisticated, the emerging challenge for insurers in the U.S. has been achieving balance between seemingly conflicting objectives: integrating their rating plans and prices with the other elements of their customer value proposition, while remaining nimble in responding to changes in customer behaviors, competitor actions, and environmental factors that require pricing actions in response.

The need to integrate pricing with all the other facets of customer experience is part of an insurer’s value proposition. It’s a complicated

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