The insurance industry is among the largest and oldest industries. After decades of nascent change, digitization is upending business-as-usual and providers aim to make better products and more consumer-focused experiences. A central problem remains: the insurance market is notoriously untransparent. While insurances are easily the best when it comes to calculating risks and costs, they often struggle to understand the market. buynomics solves this with its best-in-class market forecasting capabilities and helps insurances make the most of their data to increase profitability.
Key challenges insurance companies face
With insurance sales shifting online quickly, consumers have ever greater transparency regarding pricing and benefits of insurance products. Cost-plus pricing which is used by most insurances is no longer feasible for their success.
Competition for insurers is increasing. Online brokers and Insurtech startups are playing an important role in today’s insurance world. Competing in a world defined by big data and analytics requires cutting-edge technology and new tools, not Excel-based models.
Although digitization is becoming ever more important in the insurance industry, sales channels remain very fragmented. From insurance brokers, partnering financial institutions, and third party intermediaries such as travel companies add complexity and intransparency to pricing decisions.
Insurances are often customer-specific, they want customers who have a higher risk pay a higher price for their product. Hence, most of them use cost-pricing meaning they charge a markup reflecting the individual’s risk. However, it is hard to measure risk while still having a differentiated cost structure.See more
Find out how buynomics helps insurance companies tackle these challenges
Reliably predict consumer behavior to make better and more profitable price decisions
Evidence-based portfolio optimization powered by our proprietary Virtual Customer technology
Data Analytics for Consumer Insights
Evidence-based predictive analytics powered by reliably forecasting consumer behavior
Key product features
buynomics' Virtual Customer technology offers various features for insurance managers:
Optimize your channels and trade terms with bespoke offerings that best fit the consumers’ preferences.
Create and compare an infinite number of scenarios considering price changes, portfolio changes, promotions or any number of combinations thereof to determine your best strategic course of action.
Simulate competitors’ actions and reactions to determine the effect on your own portfolio as well as the best strategic response.
Optimize core KPIs like profit, units, volume and revenue in a few clicks.
Gain deep analytical insights including elasticity- and demand curves for all products.
How your business benefits with buynomics
Maximize profits across your portfolio
Faster decision-making – get insights in minutes instead of months
With R² up to >95% we are up to 10 times more accurate than legacy solutions
Want to learn more? Check out our buynomics insights!