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  5. It’s Not Your Grandfather’s Actuary’s Pricing Modeling Solution

It’s Not Your Grandfather’s Actuary’s Pricing Modeling Solution

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27 September 2024
Donald Light

Abstract

Pricing models need to change because new hazards are emerging, and some existing hazards are becoming more severe. Pricing models also need to change because they are a foundational element in the underwriting process, which itself is transforming.

The report describes 11 capabilities that modern pricing solutions should have.

There are profiles of four modern pricing and related solutions:

  • Akur8
  • Earnix Price-It
  • hyperexponential hx Renew
  • WTW Radar

Each profile provides an overview of the solution, how the solution has evolved in recent years, the firm’s perspective on how the pricing solution sector has changed and what is in store in the next few years, and a table of the solution’s capabilities and features.

In the next few years, many recent trends will accelerate. And many of the future developments predicted by pricing solution providers will occur.

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