Rates Analytics Test Beds
This project introduced rating analytic functionality that allows users to randomly select a proportion of their policies and apply a variable percentage change in rates to only these policies; the user can then track the impact of the price change on policy conversion rates.
The project was complex, but our team created an effective highly scalable solution.
The project involved us:
• Developing code that could be integrated into clients’ bespoke rating engines easily.
• Designing a mechanism to track the specific policies and measure the impact of the variant rates.
• Facilitating access to the data so clients can generate additional MI from the rates analysis data.
• Ensuring date controlled triggers were integrated to allow the user to completely configure the application of the added functionality.
The main purpose of the job was to allow clients to analyse the elasticity of their customers. It allows them to experiment with different rates for each of their products, providing invaluable data in response to changes in their rating engine.
I found it interesting to work on a project of this scale. Ensuring the solution could work across a wide variety of products. It was fascinating to learn more about the types of rates across different business lines.