Rate Assessor is an extremely flexible business decision support tool that makes it possible to quickly understand the impact of both tactical and strategic financial decisions. The software answers questions such as:
- How will my proposed rating structure changes affect profit and retention rates?
- Where should I focus my marketing activities to benefit from these changes?
- What are the profitable and unprofitable segments of my portfolio?
- How much new business will I need next year to maintain premium levels?
- What loss ratio might we expect if we follow our current strategy?
- How can we balance profitability, volume and competitiveness and meet my KPIs?
Using your own data, you can model any number of different scenarios and then understand the likely outcomes. Rate Assessor can be used to support the development of the business plan, through to detailed rate setting for each insurance product, and can then monitor the effectiveness of the price implementation process. EMB has also shown how integrating Rate Assessor with advanced optimization algorithms can take business decision support to even higher levels of effectiveness.
Ultimately, control remains firmly in the hands of the decision makers, but Rate Assessor can significantly improve the quality and optimality of tactical and strategic decisions by enabling the outcome of alternative scenarios to be compared and better understood. Rate Assessor can be used as a stand alone product, or work alongside EMBLEM.
Download PDF of Rate Assessor Brochure
